Owner Paying a Security Deposit

 

Step 1 - Collect the owner contribution

(There are two ways to do this. Options are listed below.)

• Option #1 - Owner Contribution through the Owner Portal (ACH or CC payment through the Owner Portal)

The owner can sign into their owner portal and pay via eCheck or credit card (Note: the contribution will go to the operating trust bank account). You can  Go to Step 2

• Owner Contribution Option #2 - CHECK/CASH/MONEY ORDER

Record a payment in Rentvine if the owner gives you a check/cash/money order

• • • • Click on Accounting on the left side

      • Click on Money In from the drop down
      • Click on the green Actions button on the right,
      • Select Record Owner Receipt

 

In the Record Owner Receipt screen, complete the fields below

• • • • Select the Portfolio
      • Select the Owner
      • Enter in the Amount of the security deposit/owner contribution
      • Enter in the Date Posted
      • Select the Payment Type
      • Enter in the Description 
      • Enter in the Reference
      • The Account will default to your default account for an owner contribution, but you can change this if needed
      • The Bank Account account will pre-fill to your default trust account, but you can update this if needed
      • Click the green Save button

*Note: For option 2, remember to record this transaction as deposited in Rentvine

Step 2 - Create a security deposit lease charge on the lease

If the lease charge already exists please skip to step 3

• Search for the lease
• In the lease view page, click on the green Actions button
• Select Add Charge from the drop down
  
• In the New Lease Charge screen, complete the fields
  • Select the Account for your security deposits
  • Enter in the Amount of the security deposit
  • The Date Posted will pre-fill, but you can change this if needed
  • The Description will pre-fill to the name of the account, but you can change this if needed
  • Click the green Save button
    
    

Step 3 - Record a credit on the lease and apply it to the security deposit lease charge

A credit is applied to the lease to show that the owner is paying the security deposit and to show a tenant credit as well.

• In the lease, click on the green Actions button
• Select Add Credit from the drop down

• In the Add Tenant Credit page, complete the fields to record the credit
  • Top Section - Details 

• • • Account - Choose your Owner Distribution chart of account
    • Amount - Enter the amount to be credited
    • Date Posted - will pre-fill, but you can adjust this if needed
    • Description - Enter text to describe the transaction
  • Bottom Section - Charges
    • Apply the credit to the lease security deposit charge that was recently created
  • Click the green Save button

Step 4 - Record a bank transfer (if applicable)

You only need to perform this step if you hold security deposits in a different bank account and you have transferred the owner's contribution from the Operating Trust bank account to the Escrow/Security Deposit Trust bank account in real life.

• From the left navigation menu click on Accounting then click on Banking.
• Click on the green Actions button and select New Bank Transfer from the dropdown menu.
• In the New Bank Transfer form, fill out the fields to record the bank transfer.
  • Top Section - Details 
    • Source Bank Account - Select the appropriate source bank account.
    • Destination Bank Account - Select the appropriate destination bank account.
    • Amount - Enter the amount that was transferred.
    • Reference -  Enter text. i.e., transfer id 234.
    • Description - Enter text to describe this transfer.
    • Date Posted - will pre-fill, but you can adjust this if needed.
  • Bottom Section - Transactions
    • Ledger - Select the unit that the lease is linked to.
    • Amount - Enter the amount.
  • Click Transfer Funds at the bottom of the form.