Landlord Vision uses double entry bookkeeping to run its accounts. According to Investopedia, double entry bookkeeping is defined as:
"The fundamental concept of double entry derives from the use of debit and credit to record business transactions. The total debits always equal the total credits."
This means that every entry must have a debit and a credit and this manifests itself in the following ways in Landlord Vision:
In the case of rental income, the debit is the rental invoice and the credit is the payment.
In the case of expenses, the credit is the expense and the debit is the payment.
In the Accounts Journal there are separate spaces to record the credit and the debit as you move money from one account to another.
This is why it is not enough to simply record that there is a rent schedule or that there has been an expense. The system needs you to record the payment so that it can complete the transaction and update the bank account.
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