When tenants are a month or two behind on rent, how do you record payments for rent income? Do you back-date to when that rent was due or leave it as income for the month it was received?
@amysnewton Most investors utilize Stessa as a cash-based bookkeeping platform, which generally means booking income/expenses when actually received/incurred. Accrual-based accounting is very different. So, we would advise tracking rent on the day it was received. Your tenant ledger will eventually balance out regardless.
Great, thank you for clarifying