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How to Handle Rent Paid in Advance (Non-Xero/QuickBooks Users)

This article explains how to handle rent paid in advance. A perfect example of this is when a student/tenant pays rent for an entire term in advance.

In the example below a tenant has paid 3 months of rent in advance, summing to an amount of £4500.

 

To handle the fact the individual has paid the 3 months of rent in advance, we must add a “Tenancy Receipt“.

The receipt has on the menu allocate to charge. When the charge is created then allocate this receipt to the created charge

 

 

If the credit on the account is to be returned to the tenant then this is linked to how to refund an overpayment.

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