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 a tenant depositShowHide

  1. Navigate to Rentals > Rent roll.
  2. Click on the lease you want to withhold funds for.
  3. From the lease summary page, navigate to the Financials tab.
  4. Click Withhold deposit and complete the form.
  5. When the form is complete, click Withhold deposit to turn the funds from a liability into available income. 

withhold_deposit.gif

Change a tenant withheld depositShowHide

    1. Navigate to Rentals > Rent Roll page.
    2. Click the lease where you want to edit the withheld deposit.
    3. From the lease summary page, click the Financials tab.
    4. Select Deposits, and click on the Applied deposit you want to edit.
    5. Click Edit withheld deposit, then make your changes.
    6. Once all information is updated, click Save withheld deposit.

Delete a tenant withheld depositShowHide

    1. Navigate to Rentals > Rent roll
    2. Click on the lease you want to delete a withheld deposit from.
    3. From the lease summary page, click the Financials tab.
    4. Select Deposits, then click on the Applied deposit you want to delete.
    5. Click Edit withheld deposit, then Delete withheld deposit.

 

Article #: 112494

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