My tenant paid for repair cost and deducted from Rent, how do i record this in QB?

Hi coconests_manager,

I'm here to help you record the rent fee and the repair cost.

We can create an invoice with a service item (for the repair cost). Then, add a credit memo to deduct the repair cost from your tenant's monthly rent. I'll guide you through the steps.

First, let's create an invoice for the rent fee:

1. From the + New tab, select Invoice.
2. Select the customer's name (tenant).
3. Select the item for the rent.
4. Enter $4,000 as the AMOUNT.
5. Click Save and close.

Second, let's create a credit memo:

1. Go to the + New tab.
2. Select Credit memo.
3. Select the tenant's name in the Customer field.
4. Go to the PRODUCT/SERVICE field.
5. Select + Add new.
6. Choose Service.
7. You can enter Repair as its Name.
8. On the Income account drop-down, select an expense account.
9. Click Save and close.
10. On the AMOUNT drop-down, enter $400, then click Save and close.

Lastly, let's link the invoice and the credit memo. Here's how:

1. Click Receive payment on the + New tab.
2. Select the tenant's name.
3. Under Outstanding Transactions, tick the created invoice.
4. Tick the credit memo in the Credits section.
5. Make sure the Amount received in the upper-left section is $3,600.
6. Click Save and close.

Furthermore, you can pull up the Transaction List by Customer report to manage all credit memos and invoices. Here's how:

1. On the Reports page, enter and select Transaction List by Customer.
2. Click Customize.
3. Go to the Filter drop-down.
4. Tick Transaction Type.
5. Select Credit Memo, Invoice, and Payment.
6. Click Run report.

Let me know whenever you have concerns about tracking transactions. All the best!