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home/Knowledge Base/Accounting/How to process refund to an owner?

How to process refund to an owner?

10 views 0 December 5, 2022 Updated on February 12, 2023 mippsupportadmin

A refund to an owner is considered a ‘Non-Rental‘ income in Mi Property Portal. There might be a scenario when the property manager has automatically created a bill (i.e. as a recurring bill); however, now they need to give the owner a refund for a particular month. Follow the steps below to process an owner refund in the portal:

  • Log in to the portal
  • From the left navigation, click Accounting > Inflow > Income
  • Click the ‘+Quick Income’ button from the top-right on the page
  • Select the right property and fill in all the necessary fields
  • Select ‘Refund‘ as the income category
  • Make sure that the reimbursable slider is set to 100%.
  • Make sure to check the ‘Verified‘ checkbox and click ‘Add Income‘. Now, this income will show up as a ‘Reimbursable income‘ in the ‘Owner Report‘.

Note that this income will not be part of the management fee calculation.

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