Learn how you can write off rents in a few easy steps
Hammock allows landlords to write-off any necessary rent reductions, allowing you to keep orderly books and records across multiple portfolios.
This video will show you step by step how you can write-off rent payments using Hammock. This feature can be used to write-off rent payments either as a one-off or for an extended period.
In certain instances, it may become necessary for you to write-off overdue rent payments in whole or in part. Once you have come to an agreement with your tenants for the amount that they will be paying, Hammock allows you to quickly and clearly write-off the remaining monies which are no longer due. The main benefit here is that your accounts will be in order while the write-offs will still be shown.
Here is how you can do this in Hammock:
Where there is a missing or partial rent payment, this will initially show as arrears on your account. This is clearly displayed on the Tenancies tab under Rent Transactions in yellow, which shows the historic rent due, rent paid and arrears balance (if any).
- Click on, ‘Add manual transaction’.
- You will then be presented with two ‘payment options’. Click the drop-down arrow and select ‘write-off’.
- Then in the next field, set the date to the due date of the rental payment.
- Input the amount you are going to write off and then hit ‘save’.