How to Record Pet Fee Income
Recording non-refundable pet fees collected from tenants at lease inception.
| Account Name | Type | Debit ($) | Credit ($) |
|---|---|---|---|
| Cash | Asset | 250.00 | - |
| Other Rental Income - Pet Fees | Revenue | - | 250.00 |
💡 Accountant's Note
Non-refundable pet fees are recognized as revenue upon collection, separate from refundable pet deposits.
Practitioner & Systems Framework
💻 ERP Architecture
Code to a specific 'Other Income' account to track ancillary revenue streams.
⚠️ Audit Flags
Failure to distinguish between refundable pet deposits (liability) and non-refundable fees (revenue).
📄 Required Documentation
Lease addendum specifying the non-refundable nature of the fee.
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