Rent Received & Pre-Paid Electricity
I have a tenant who direct deposits $150 each week into our account. $100 is allocated to rent received and the remaining $50 is electricity paid in advance. How should I record the electricity pre-payment? On receiving the electricity bill, I invoice the tenant for their portion of the bill. I want to be able to apply the pre-payments to the invoice so they only have to pay the balance owing. Many thanks in advance for your help.
Hi AlTwig
Those screenshots look right to me. When you record the sales the Trade debtor account is debited:
When you record the Receive payment the Trade debtor account is credited:
If you look in Find transactions>>Account tab and filter by the Trade debtor account, the sale and payment have cleared each other out:
In the Bank register window you are filtering by the bank account (pink circle) so all transactions allocated to the bank account will appear in this window. The account in the Account column (yellow highlight) is the other allocation account of that transaction. Which is correct because the Receive payment transaction is allocated to both the bank account and Trade debtors account:
Hope this clarifies it for you. Please let me know if you need further help.
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