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