Do you have an owner contributing funds for the security deposit, and you need to move it from owner-held to management-held? This article will walk you through recording this.
- The Owner will need to first contribute the Security Deposit amount back to the Property Management company. The owner can contribute these funds through their owner portal directly.
Please note that if you are not having the owner contribute funds and will just be using funds already in the owner's operating balance, you can click here
Ensure the funds are transferred to the correct bank account. If the owner contributes funds online through Rentvine, it may have gone directly to the Trust Account. This means you will need to record a Bank Transfer from the Trust to Escrow to correct this
- If the Owner decides to pay outside of Rentvine, you will need to record the owner's contribution manually.
- To do this, click the rocket ship on the top right
- Click Record Owner Receipt
- Enter the Owner Contribution details
- To do this, click the rocket ship on the top right
- Next, you will want to navigate to the lease that has the Owner-Held Security Deposit.
If you are looking to confirm that the Owner Held is properly recorded, you can view this on the Portfolio Ledger.
For steps on how to record the Owner Held Deposit, please review this article for a step-by-step on how to Record an Owner Held Deposit
- On the lease, create a new Security Deposit charge using the normal Security Deposit Chart of Account. Ensure the charge amount is the same as the Owner Held Deposit previously recorded.
The lease should now have an unpaid Security Deposit charge.
- Next, you will want to click the Green 'Actions' button and select Release Deposit
- On the Release Deposit screen, enter the full amount of the deposit for both the Amount and Release Amount. Also, enter a brief Description of the Deposit Release.
- Scroll down on the same screen, and you will be allowed to allocate the Released Deposit to any unpaid charges. In this case, you will want to apply this to the newly created Security Deposit charge.
- This will now show that the owner-held deposit is now management-held on the lease and the Owner Portfolio balance.
