From time to time you may need to raise a credit note for a tenant. Within Re-Leased you can create income credit notes towards invoices related to tenancies. Credit notes can be used for rent-free periods.
Please note that credit notes applied to invoices do not appear on most Owner Statement formats. The Separate balances statement for each ledger option shows income credit notes which have been applied to invoices.
Select the + button on the quick links bar & then select New Income Credit note.
1. Enter the related Property & Tenancy together with the Issue date & any reference. Note that Service Date is defaulted to ON in company settings and will show on the credit note. Service Date allows you to determine which budget period the credit note can be allocated to. If left blank the credit note will default to the Issue Date as the determinant.
2. Enter the description (this will appear on the owner's statement), amount to be credited, chart of account code & attach any documents you may like. You can then select save & approve or save and submit for approval.
If you selected Save and Approve, the following screen will be a list of invoices for the same contact, and you can select how much you would like to allocate to each invoice.
1. Enter the amount to allocate
2. Save allocations this apply the invoice
If the credit is not allocated to an invoice you may return to the invoice allocation page via the menu on the credit note. The credit note must be approved before credit can be allocated.
If an approved income credit note is not allocated to an income invoice it will be available for you to pay to the tenant.
Users with Trust Accounting can do this via a creditor disbursement. Unpaid amounts on Income Credit Notes may be withheld from your owner when disbursing funds, depending on date selected for creditor invoices at the start of the disbursement, and the trust account settings for withholding funds for creditors owed.
Disbursements against credit notes are shown on Owners Statements.
Credit notes applied to invoices do not appear on most Owner Statement formats. The Separate balances statement for each ledger option is the only format which shows income credit notes, and only once they have been applied to income invoices.