[GNC] Rental property - How to account for delinquent rents?

[David Cousens]

When you are on a cash  basis then you only really record in your accounts
the income received and expenses incurred at the time of handing over of the
cash  so there is really no alternative to maintaining a separate record of
occupancy and arrears etc  to keep the taxman off your back. Main trick will
be as you haven't recorded unreceived rent as income you don't write it off
as an expense. Taxation authorities generally won't allow that if you are
eligible to and elect to use cash basis accounting.

David





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David Cousens
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