Release Tenant Deposits |
Adjusting Interest Tenant Moveout Pay Invoices with SD Transferring Security Deposit Money Help PDF document #205 Security Deposit Refund
Security deposits, once collected, can be released in partial or full amounts. The released funds are applied to tenant open credits so they can be used to pay off any outstanding charges using the Tenant Receipt function or the Tenant Move Out function. This function is best suited to releasing a partial deposit to open credits for paying charges, or when the interest computed on a security deposit needs to be adjusted. The Tenant Move Out has more options for releasing the entire security deposit.
Note: Since tenant deposits are generally kept in a separate bank account, the physical transfer of the amount released may be done using several methods. See Transferring Security Deposit Money.
After selecting the tenant, deposit and interest information will appear on the screen. Date The date field contains the posting date of the release. Details Details of each deposit will display, showing the date of the deposit, the Charge ID, the amount of the deposit - these are taken from the tenant ledger and are protected fields.
In addition, the Release field lets you edit the amount of each deposit to be released. If checked,
Selecting the Tenant for Release of Deposits Unit, Tenant Either of these Find List fields can be used to choose the tenant whose deposit is being released. Transaction notes from the Tenant Profile will display in the notes box and deposit and interest information will display. Amount The amount of security deposit to be released. If there are several security deposits, you can choose the one you want to release by editing the amounts in the detail lines that appear on the screen. Memo This space is for a memo which will accompany the transaction. Comment Space for freeform comments to explain any non-ordinary circumstances about the release.
Deposit and Interest Information This information appears on the screen after you select the tenant. Interest Date This date is used to determine the amount of interest due based on the rules set forth in the Rate Table selected in the Tenant Profile. Interest Adjustment Enter the amount of the adjustment. If you are decreasing the amount of interest, enter the adjustment as a negative number. See also Adjusting Interest. Adjustments can only be made if there is an interest amount already in the field. Released Deposits This is a protected field containing the dollar amount of deposits being held that are being released. Interest This protected field contains the amount of interest the system has calculated based on information entered in Setup, Rate Tables and the interest date. Total Released A protected field containing the sum of the released deposits, interest and interest adjustment.
Release Partial Deposit to Pay Invoices To use some or all of the tenant deposit to pay invoices, release the amount needed as indicated above, then go to <<AR, Tenant Receipt>> and use the open credits to pay off unpaid charges. If you want to reestablish the security deposit amount, charge the tenant for the amount released. |
the Pay Interest box will trigger an interest calculation based on information in Setup, 
no interest will be calculated.