I am set up as a S corp. for my apartment house. My tenant broke an item on our property with her car and reimbursed me for it by including it with her monthly rent. Its included in my check register in a tenant damage account I set up. I invoiced it and then paid the damage amt. so as not to mix it up with rental income.
My Turbo Tax balance sheet is now off by that exact amount. I am not sure how to edit my figures in TurboTax since it was a reimbursed expense. I still have to replace the item she broke but not sure when I will do that but she paid for it's replacement.
My Assets are more than my Liabilities on my Schedule L. How do I fix it properly?
Thanks for any help.
