In Buildium, once you’ve manually received payments from tenants, association owners, or rental owners, you need to take an additional step of recording that those payments as deposited.
Any payment you receive on a resident ledger or as an owner contribution will be considered to be undeposited funds.
Think of undeposited funds as checks sitting on your desk waiting to be brought to the bank.
Whether the money you received is rent money or security deposit money, it’s always going to first be sitting in the undeposited funds area of your default bank account for your property.
In order to show that a payment you received is sitting in your bank account into a bank account, you need to add a bank deposit.
Click here to learn more about bank deposits and undeposited funds in our accounting cycle video courses on Buildium Academy!
- Once Francine pays her rent, I will head over to the bank to make a bank deposit.
- Now that I've made my bank deposit, I no longer have to worry about keeping track of all that money.
- If not for making monthly bank deposits, I would surely have trouble keeping track of how much income my properties make.
Add a bank deposit
Save time! Access this feature from any screen using the shortcuts menu.
- Navigate to Accounting > Banking.
- A list of all bank accounts entered in Buildium appears, along with the balance available in each account.
- The Undeposited column to the right shows the funds that have been received, but are yet to be deposited into a bank account in Buildium.
- To deposit a payment that shows up as undeposited, click the name of the bank account that you want to deposit a payment to.
- Click Record deposit.
- In the Deposit pop-up window, enter the information about the deposit.
The Other deposit items section allows you to add amounts into the bank deposit that are not associated with a payment or owner contribution. For example, use other deposit items to add an expense reimbursement, like a check from the insurance company, to your bank deposit. You might also use an other deposit item to record laundry income or vending machine income.
The Undeposited payments section displays the payments that have not yet been recorded as deposited in the Buildium system. Select the check boxes next to the details of the deposits that you want to record.
Need to change an amount that appears in undeposited funds? Change the tenant payment, association owner payment, or rental owner contribution.
If you have multiple checks sitting waiting to be deposited, you can select them all by using the check boxes. These will show as being deposited as one large lump sum deposit, and you’d be able to click into it to see the breakdown of who’s payment is included.
You can also choose to deposit each check individually, by selecting one check, clicking ‘save and new’ at the top, then selecting the next check. You’ll want to create your deposits as replicates of the deposits you’ve made in the real world - if you had several checks deposited together as one in the real world, you want to represent it that way in Buildium as well.
Click here to learn how to edit a bank deposit
Click here to learn how to delete a bank deposit