QBP2004 Monthly Rental Partial Refund

Jul 05, 2005 2 Replies
D

Chart of Accounts



1120 Operating Checking Account
1201 Accounts Receivable
1499 Undeposited Funds
2001 Accounts Payable
5121 Tenant Income

I have discovered an error in tenant income and need a procedure to adjust this account.



The tenant refund is $83.50 and since it has debited the 5121 Tenant Income account



(Setup by apartment#) has doubled the total that should appear as income at that time.



Original Tenant Rent Entry ($167.00) These are done all at once.



  1. Statement Charge 1201 5121
  2. Tenant Payment 1499 1201
  3. Deposit (Group) 1120 1499

Refund 0f 1/2 of the monthly rent ($83.50). Bill 5121 2001 Check 2001 1120



Should this be reflected in 5121 Income? Should "Other Income" account be set up?



Open for suggestions for other procedures.


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N

db cr ?

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If in fact you credit income in original entry as shown then income is increased by the amount. In the refund you show a debit to the same account thus the account should be less now by the refund. It has not been doubled by the entry you gave here. Work it on paper if you need to see what happens.

The only other thing you might do is set up an expense rent refunds if you wanted to see the refunds you give separately from the rents. I think if you run a Quickreport for the rental income account you'll see the refund coming out.

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How? Shouldn't the net Tenant Income be $83.50?

The above seems to be correct.

Yes. It has been.

No. You are reducing the Tenant Income.

What you've done appears correct. I don't see how the income has been doubled.

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