Free Property Manager Credit Note Template
Issue credit notes for property management fee corrections, tenant deposit adjustments, and billing reversals. Free PDF, no signup.
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What should a property manager put on a credit note?
A property manager issues a credit note when a billed fee or pass-through is reversed, such as a management fee for a vacant period or a contractor charge covered under warranty. The note references the original invoice, names the correction, and reduces what the owner owes.
Typical line items
- Original invoice number and date
- Management fee vacancy credit, three weeks unoccupied
- Maintenance pass-through reversal, warranty repair
- Reason for the credit
- Credited amount
- Adjusted balance due
- Tax adjusted accordingly
How the work is charged
Credit a vacancy period by prorating the monthly management fee on the original invoice for the weeks unoccupied. A reversed pass-through is credited at the contractor charge that the warranty covered.
Payment terms and deposits
Set the credit against the next statement or refund it to the original payment method, referencing the original invoice number. Show the revised balance so the owner's account is clear.
Tax and compliance
Where the original invoice carried VAT or sales tax, a credit note usually reverses that tax in proportion to the amount credited. Fees and pass-throughs can be taxed differently, so confirm what applies to you.
Frequently asked questions
A landlord's property was empty for two weeks mid-month. Do I need to prorate the management fee?
This depends on how your fee is structured. If your contract specifies a fee on collected rent, you should only charge on rent actually collected. If it is a flat monthly management fee, check whether your agreement provides for vacancy periods. If it does not address vacancies, discuss this with the landlord and update the contract going forward.
A contractor fixed a leaking pipe under warranty at no charge, but I had already invoiced the landlord for the original repair. What documents do I need?
Issue a credit note to the landlord for the original repair cost now that the warranty has covered it. Reference the original invoice and the contractor's warranty confirmation. If the warranty covered only part of the cost, credit only the portion that was not charged by the contractor.
Can I issue a credit note for a landlord's maintenance reserve that was never used?
Yes. If a reserve was collected in advance and the maintenance works were not carried out, issue a credit note for the unused reserve amount. Include the property address and the period covered. The landlord will need this to reconcile their accounts and confirm what funds are being returned.
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Read the complete credit note guide to see when to issue one and how it adjusts an invoice already sent.
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