This is how to record and reconcile an incentive received from the council for your management company for letting a property.



Create a Credit Note


  • Create a new supplier and call it the name of the council.
  • Save.
  • Open your manger page by selecting on the person icon in the top right corner.
  • Select New Credit to create a credit note.


  • In the credit note select the council as the supplier.
  • You can then choose to assign it to a property.
  • Write in the description which tenancy it is referring to.
  • Save and close the credit note.


Create a refund


In order to reconcile the transaction in the banking follow the steps below:


  • Click open the credit note. (this can be found on the management page under the expenses tab)
  • Select the refund icon.



  • A new refund window will open where you can record the date of the incoming transaction in the bank.
  • Apply the refund to the open credit note.
  • Save.

The refund will now show up in the banking window and can be dragged to match the incoming payment.


Note:

On the tenant page you can add a note stating that you received an incentive for this lease.