Did you overcharge an owner for a bill and now need to give that money back to them? This article will walk you through getting this refund to them.
There are two ways of refunding an owner for funds taken. One way is to add a vendor credit that will be used when paying bills in the future and will credit that amount taken back to them by having them pay less towards bills. If you would like to refund the owner via this method please follow this article. How to Add a Vendor Credit
The other way will be explained in this article and will be a quicker form of refunding the owner if they need the funds right away.
- The first step is to click on the rocket icon in the top left of your screen to get to the quick actions. Within these quick actions you will need to click on "Record Other Payment".
- This will be how you increase the funds in an owners portfolio balance. Here are the following fields you will need to fill out:
- Apply to (Ledger)- This will be the owner's portfolio that you want to refund.
- Received From- This is a field for any information as to why these funds were added to this portfolio.
- Amount Received- This will be the amount that you would like to add to the portfolio ledger.
- Income Account- This is going to be the chart of account you use to record this. Please note this will need to be an income account. You can create an income account just for this or use a Misc. income account.
- Receipt Date- This will be the date this transaction was actually received.
- Reference- This will be whatever you want to have as the reference associated to this payment.
- Description- This will be used for any other description you would like to add to this payment
- Bank Account- This will allow you to choose the bank account this will be deposited into.
- Payment Type- This is how you can record how this payment was actually recorded (check, eCheck, cashier's check, etc.).
Once you are done with this step you will need to click the save button to record this other payment.
- Once this is done you will notice that the portfolios operating balance will now be increased by this amount.
Please Note: you will now need to record a bank transfer in real life. You will need to record this bank transfer from your business operating to your rental trust bank account for this amount so real life matches what happened in Rentvine and so the bank accounts reflect properly.
4. The last thing you will need to do is record a distribution to that owner. You can do this by clicking on the quick actions button and clicking pay owner. You can also do this by going to the owners portfolio and clicking the green actions button. In here you can click pay owner and it will filter just for that owner.