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 a tenant depositShow
- Navigate to Rentals > Rent roll.
- Click on the lease you want to withhold funds for.
- From the lease summary page, navigate to the Financials tab.
- Click the More (...) button, select Withhold deposit, and complete the form.
- When the form is complete, click Withhold deposit to turn the funds from a liability into available income.
Change a tenant withheld depositShow
- Navigate to Rentals > Rent Roll page.
- Click the lease where you want to edit the withheld deposit.
- From the lease summary page, click the Financials tab.
- Select Deposits, and click on the Applied deposit you want to edit.
- Click Edit withheld deposit, then make your changes.
- Once all information is updated, click Save withheld deposit.
Delete a tenant withheld depositShow
- Navigate to Rentals > Rent roll
- Click on the lease you want to delete a withheld deposit from.
- From the lease summary page, click the Financials tab.
- Select Deposits, then click on the Applied deposit you want to delete.
- Click Edit withheld deposit, then Delete withheld deposit.
| Article #: | 112494 |