Are you completing the move out and want to know how to use the automatic pending bank transfer function? This article will show you how this works and how to use it.
The first step is to go through the move out flow as you would normally. If you need additional help completing other steps of the move out you can follow this article.
- The automatic pending bank transfer will be in the last page of the move out flow under the refund information. The automatic pending bank transfers are going to automatically predict the transfers you may need to make based off the posting setting of the portfolio. It is assumed that the deposit is currently held in the designated 'Escrow Trust Bank Account' for the property.
The posting setting is determined at the portfolio level. This setting specifies the bank accounts that will be utilized for the operating trust bank account, the security deposit bank account, and the lease refund bank account used for refunding the tenant's security deposit.
- Based off the bank account you select to refund out of, the system will automatically calculate and create a pending bank transfer. If you would like to use this pending bank transfer you can turn the toggle on to automatically create pending bank transfers and these will be created once the move out is completed. If you do not want to use this you can turn this toggle off. This will give you a warning that you will need to complete the bank transfers manually but will still give you a suggested bank transfer that may need to be made.
Below are two examples of these automatic pending bank transfers.
The chosen bank account to send the refund to the tenant is the escrow bank account where the security deposits are held. With this particular move out, $100 of the $2,500 security deposit was used to pay unpaid charges on the lease, leaving a total refund of $2,400. This would leave $100 left in the escrow bank account that would need to be transferred to the operating trust bank account. The automatic bank transfer will want to create a pending bank transfer for $100 from the escrow bank account to the operating trust. If you would like to do this you can make sure the toggle is on and it will create this pending bank transfer for you.
The chosen bank account to send the refund to the tenant is the operating trust bank account, which holds all funds other than the security deposits. This lease is holding a total of $2,500 in security deposits which is held currently in the escrow bank account. This means that there will need to be a bank transfer from the escrow trust bank account to the operating trust bank account for the full amount of $2,500. The automatic bank transfer will want to create a pending bank transfer for $2,500 from the escrow trust bank account to the operating trust bank account . If you would like to do this you can make sure the toggle is on and it will create this pending bank transfer for you.
- Once you are satisfied with this move out you can click submit to complete the move out. You will now have a pending bank transfer for you to finalize. To view this you will need to click on the accounting tab and click banking. In here you can click on the pending transfers tab.
These transfer will batch together based off of the source bank account and destination bank account. For example if you completed two move outs and created two pending bank transfers fro the escrow trust to the operating trust bank account then these two would show in the same bank transfer for the lump sum of the transfer from both move outs.
- To complete the transfer you can click into the desired transfer. In here you will be able to edit any information as you would a regular bank transfer. You will also be able to select or deselect the specific pending bank transfer you would like to make. There is a transactions section here where you can add any additional transfers using this same source and destination bank account previously selected. Once you click transfer funds, it will finalize this bank transfer.
Please note that this will not complete a bank transfer in your real life bank accounts. This is just recording the transfer within Rentvine. You will still need to complete the actual transfer in real life so it matches what you have recorded in Rentivne