See Help PDF document #206 Security Deposit Held by Owner
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Security deposit money is held by the owner
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Some of the security deposit may being returned to the tenant, some (or all) is going to the owner or management - see NOTE above Situation A
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1.
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Go to <<AR, Tenant Move Out>>
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2.
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Select the [Tenant]. The security deposit will come up and show as released. Verify the charges and other information on the screen
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3.
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The tenant must be charged for any money going to the owner or management group. If those charges have been posted they will display on the screen. If they have not been posted previously, use the speedbutton at the bottom of the screen to activate the <<AR, Charge Tenant>> function and post the charges. After posting you will be returned to the Tenant Move Out function.
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4.
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Verify the charges and other information on the screen.
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5.
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<Post> the transaction.
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6.
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The security deposit will be taken from the owner’s ledger and will increase the tenant’s open credits. It will then be used to pay off charges and you will be transferred to the <<AP, Refund Check>> function to post the refund check (if any).
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7.
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<Post> the refund check.
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Note: Because the money is taken from the owner’s ledger, be sure the owner has enough money to cover the security deposit in his ledger or that he has sent you money to cover the refund.
Note: If the unit has been sold and the security deposit money has been transferred to the new owner from the old owner, or you are no longer managing the unit and you only want to eliminate the deposit amount from Tenant History:
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Post the AR, Tenant Moveout.
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Go to AR, Adjust Open Credits.
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Select the Tenant, mark the Decrease Tenant Credits radio button.
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Select the Cash Contribution account code.
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The money will no longer be in the tenant’s deposits, and the net to the owner will be $0.
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