Did you just complete a move out and the final step of the move out wanted to create a pending bank transfer? This article will explain why this was created and how to complete this in the system.
- The pending bank transfer setting in the system is based off of your posting setting. For this example the posting setting connected to this portfolio has the operating balance set to the client trust and the escrow set to the escrow trust account. The lease refund bank account is set to the client trust account. The funds for the security deposit are held in the security deposit bank account but are refunded out of the operating account. This means after a refund is completed the full amount of funds held in the security deposit will need to be transferred.
Please note that this is just one example of a posting setting. No matter the posting setting set up the pending bank transfer section will correctly calculate the amount that needs to be transferred.
- The below screenshot is from a lease move out. If you need more information on completing the move out you can click here. For this example there was $1000 held for the security deposit and the whole security deposit is being refunded to the tenant. Based on the posting setting mentioned earlier the pending bank transfer if toggled on will want to create a transfer of the full $1000 from escrow to the operating trust.
- When you are ready you can click the submit button to complete the move out and this will give you another confirmation on the pending bank transfer. Once you approve the submission and click "Complete Move Out" this pending transfer will be created.
- To view these pending bank transfers you can click on the accounting tab. You will then need to click the banking tab. There will now be a tab at the top of the screen that is labeled "Pending Transfers". This page will show you all of the pending transfers that have been created but have yet to be transferred. This will combine all transfers based off of the bank accounts. I.e. escrow transferring to operating or operating transferring to escrow.
- This will show you the source/ destination bank account, amount of the full transfer for all the pending transfers, reference, description, and date posted. Under this you will see all of the pending transfers from move outs that show the ledger, created by/ date, and the amount. These will all be selected by default.
You can select individual pending bank transfers for the actual amount you would like to send. You can do this by clicking the check boxes next to the transfer. For this example I am only going to select the $1000 transfer that was just created.
Please note that you will need to update the amount at the top of the page to match the selected pending transfers.
From the bottom of this page you can add additional transaction if you would like. You can do this by selecting the ledger and the amount. This pulls from the settings set at the top of the page. Please note that the total amount at the top will need to be updated to include this amount.
- When you are done you can click the "Transfer Funds" button in the bottom right to finalize this transfer.
Please note that you will still need to complete a bank transfer in real life for these bank accounts. This will be for the amount you selected here. The transfer in Rentvine should match the date you recorded this bank transfer in real life. This is to make sure your reconciliations are balanced.