How do I move prepayments to the automated general ledger account?

In order to begin using prepayment automation and allow Buildium to automatically applied prepaid funds to a resident’s future balance, you will need to use the new Prepayments liability general ledger account.

If you currently have prepayments posted to a different general ledger account (such as prepaid rent liability), you can move these transactions and post them to the prepayments general ledger account by following the steps below:  

  1. Navigate to Accounting > Chart of accounts.
  2. Open the quick menu to the right of the account you are currently using to hold prepayments, then click Move transactions.
  3. In the pop-up window, select the prepayments liability account.
  4. Click Save to begin the process.
  5. The form will close. You'll see a message that indicates a move is pending.
  6. The process will complete within two hours. You can cancel the transfer at any time by clicking the Move or Delete link.


Please note:

You will only want to move the transactions you would like to be automatically applied to a future balance. So make sure that transactions for things like last month’s rent are not moved to the prepayments account. We’ve created a new general ledger account for last month’s rent for this purpose which will not be automatically applied to a future balance.

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