This article will walk you through the steps of charging a security deposit and collecting the funds for said security deposit.
Step 1 - Create a charge on the lease for the Security Deposit
- On the lease, use the green actions button "add charge". Use your normal security deposit chart of account.
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- Click on the Green Actions button and select Add Charge from the dropdown menu.
- Fill out the New Lease Charge form:
- Account - Choose the appropriate security deposit account; this is typically the management-held security deposit account.
- Amount - Type in the dollar amount that is being charged
- Date Posted - Choose a date
- Description - Type in a comment, ie, Security Deposit
- Click Save.
Step 2 - The Tenant pays the Security Deposit charge
- The tenant can record a receipt via the portal by submitting an eCheck or Credit Card payment, or the property manager can manually record the receipt (check, cash, money order
If you are manually recording this payment and have a separate bank account that holds Security Deposits, change the bank account from Auto to Your Security Deposit Bank Account.
- Once the charge is paid, the lease will show that there is a held security deposit.