Recording Bad Debt
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Your tenant has left, disappeared without trace and they still owe you money. It's an awful situation but you still have to record it. Here's how you do it in Landlord Vision.
First you must add an expense for the TOTAL amount of all unpaid rental invoices via Expenses > Bills > Green +
Supplier - in this case would be the tenant
Category - Set this to the bad debt account
Don't record a payment and press Save.
Go back in to the bill, select the Payments tab and press Add Credit and enter the amount.
Go to Income > Invoices and find the invoices you are writing off. Again, go to the Payments tab and press Add Credit. Do this until you have added the correct amount of credit to all of the outstanding invoices you are writing off.
If you eventually recover the money then simply remove the credit from the rental invoice and also payment and expense then record the payment to the rental invoice as you would have done if it had been a rental payment.
First you must add an expense for the TOTAL amount of all unpaid rental invoices via Expenses > Bills > Green +
Supplier - in this case would be the tenant
Category - Set this to the bad debt account
Don't record a payment and press Save.
Go back in to the bill, select the Payments tab and press Add Credit and enter the amount.
Go to Income > Invoices and find the invoices you are writing off. Again, go to the Payments tab and press Add Credit. Do this until you have added the correct amount of credit to all of the outstanding invoices you are writing off.
If you eventually recover the money then simply remove the credit from the rental invoice and also payment and expense then record the payment to the rental invoice as you would have done if it had been a rental payment.
