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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