You can use this task to write off the remaining balance from a note receivable that you are not going to collect from the tenant.
Note
Before writing off a balance, in Charge Type Setup, the Writeoff General Ledger account number must be assigned to all charge types that you want to write off.
If there are outstanding Note Receivable Due Open Items in the Open Items section, you cannot write off a remaining balance from a note receivable.
To write off a note remaining balance, follow these steps:
1. Go to Household Detail > Accounting Tab > Promissory Notes Tab.
2. In the Remaining Balance section, highlight the note remaining balance that you want to write off.
3. Go to Tasks > Writeoff Selected Note Remaining Balance.
4. The following fields are populated by the system and cannot be modified:
▪ Due Date—Displays the date on which the balance was due.
▪ Amount Due—Displays the amount of the balance.
▪ Community—Displays the community.
▪ Apt. Nbr.—Displays the apartment number
▪ Receivable Type—Displays the receivable type.
Note
The GL accounts for write-offs of the receivable type are displayed beneath the Charge Date field.
5. Review or complete the following fields:
▪ Charge Date—Defaults to the current date. You can enter or select a different date. You cannot enter a future charge date.
▪ Amount—Defaults to the full amount of the selected item. The amount is shown as a credit. You can change the amount if you want to write off a portion of the balance.
▪ Note—Indicates that the item is a write-off. You can edit the note.
6. Click Finished. The write-off event appears in Event History, and the note remaining balance is reduced by the amount of the write-off in the Remaining Balance section.