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Withhold association owner deposits

Buildium Support - Ned Pricket

By Buildium Support

A withheld deposit is a liability account, from a resident, that is reallocated as income to cover an expense(s).

Synonyms include applied deposit and security deposit income.

For example:

  • If resident pays an advance sum to cover several months of future payments, you can use this feature to take the income at the appropriate time.
  • Bill was an excellent resident; since his unit was spotless upon move-out, I did not need to withhold any of his security deposit.
  • A security deposit is a liability because I am intending to return the money; that is, until I need to withhold the deposit to cover damages or unpaid balances.

Withhold an association owner depositShowHide

  1. Go to the Associations menu.
  2. Go to the Ownership accounts page.
  3. Click the name of the corresponding resident whose account you want to apply deposits toward.
  4. Click the Financials tab.

  5. Click Withhold deposit.

  6. Complete the form.

  7. Click Withhold deposit or Withhold another deposit.

Change an association owner withheld depositShowHide

    1. Go to the Associations menu.
    2. Go to the Ownership accounts page.
    3. Click the ownership account whose applied deposit you want to change.
    4. Click the Financials tab.
    5. Click the date of the applied deposit you want to edit.
    6. Click Edit withheld deposit.
    7. Make your changes.
    8. Click Save withheld deposit.

Delete an association owner withheld depositShowHide

  1. Go to the Associations menu.
  2. Go to the Ownership accounts page.
  3. Click the ownership account whose applied deposit you want to remove.
  4. Click the Financials tab.
  5. Click the date of the applied deposit you want to remove.
  6. Click Edit withheld deposit.
  7. Click Delete withheld deposit.

 

 

 

Article #: 112403

 

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