Credit and Debit notes explained

Credit and debit notes (also known as journals) can easily be added to your accounts.

Credit/debit notes are used for two main reasons:

To add Opening balances in your account when you start to manage an asset on your WeconnectU system if there are currently credits/balances due on that account that needs to reflect on this system.
To make account corrections. E.g., a payment was made outside of the system and now you need to bring the account up to date.

How to load a Credit/Debit note :

View the account you want to load the journal for from the Accounts Dashboard.
If the journal has to do with the tenant's invoicing, you will work on the Tenant Account. If it affects the landlord, you will load it on the Landlord Expense Account.
On the chosen Account, make sure you are in the Transactions tab (vertical tab on the left) and click "Add Transaction"
On the tenant account (and landlord income due account), Credit notes will decrease the balance, and Debit notes will increase it. as illustrated below:

On the Landlord Expense Account, Credit notes will increase the balance, and Debit notes will decrease it. Illustrated below:

Effective date - This is the date that will be displayed on the statement for the journal that you are adding. Tip: If you do not wish for the tenant/landlord to see the correction, be sure to date more than two months ago. A statement by default only contains data of the last two months.
Category - Select the category you wish to group this journal under. Using the correct category is crucial: be sure to use the same categories for journals that you are using for your normal invoicing on the account.
Description - This is what the tenant/landlord will see on their statement, so feel free to add any additional descriptions you want to display on the journal.
VAT Type - VAT is never applicable to opening balances or debit/credit notes.
Create the journal - it will immediately update the balance of the chosen account.
Note - The system does not send out any Debit/Credit notes when created - the Tenant/Landlord will only see this on their statement once it has been sent by you.

Your system also has a very handy shortcut for quickly writing off bad debt instead of adding multiple credit notes one by one. To see more about this, please read the "How to write off bad debt" section of the following article: Managing Bad debt.