For property managers, or if the rent is a liability
Step 1: Create Transaction
Go to Tenancies > Statement > Add Transaction (negative number)
Step 2: Allocate Bad Debt
Locate the transaction on the statement and then allocate it to the relevant outstanding debt.
For self managing landlords, or if the rent is revenue.
Step 1: Create an Analysis Code. To understand this see understanding analysis code
Go to Preferences > Analysis Codes > Add Analysis Code
*For Xero/QuickBooks users ensure you map this new analysis code*
Create the analysis code as shown in the image, if you use Xero/QuickBooks you need to map this to your “bad debt” expense nominal account
Step 2: Create Transaction
Go to Tenancies > Statement > Add Transaction
Once added it will appear as a negative transaction
Step 3: Allocate Bad Debt
This will remove the outstanding as being overdue.
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