A very quick Q&A today following a query by a RentCentral user:
I’ve just been reimbursed £133 by my tenant for the cost of a carpet replacement (the original had nail varnish spilled on it). How should I record this in RentCentral?
Thanks for the question. I’m assuming this payment was made direct to you, and was not a deposit deduction at the end of a tenancy. If that’s the case, you should record the payment as a negative expense:
- Go to Transactions – Add manual transaction (or add a new explanation to an uploaded statement entry)
- Select the property in question
- Select the same category as the original cost of the carpet replacement (probably Repairs, maintenance and renewals)
- Record the refund as a negative value (in this case £-133)
Now the original cost (£133) and the refund (£-133) will balance out to show that you’ve not incurred any costs because of this stain.
If this payment was part of a returned deposit, RentCentral gives you the ability to record how much deposit was returned and what deductions you’ve applied. Go to Tenancies->Details->Deposit->Return deposit to tenant to get started with this process.
Now this is all straight, go do something more exciting!