This function provides for moving funds from one bank account to another. If is used when a security deposit is received on a check that includes a rent payment, and when refund monies must be moved from the escrow bank account to another account.
Receiving
If the tenant gives you a combined check for security deposit and rent
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Deposit the check into one bank account
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Use the Transfer Check function to move the necessary funds to the correct bank account
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Refunding
If you maintain a separate bank account for security deposits there are two steps involved in returning security deposits.
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The first step involves doing the refund.
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The second involves moving the money from the security deposit bank account to the checking bank account.
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Money will need to be moved from the security deposit bank to the owner bank when
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the refund checks are written from the owner bank account
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part of the refund is used to pay off outstanding charges
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There are two ways to transfer money from one bank account to another.
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Write a check from one bank account and deposit that check in the other bank account
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Call the bank and have them transfer the money.
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In both cases the end result is the same - you decrease the funds one bank account and increase the funds in the other. Record the transactions in PROMAS the way you physically move the money.
The system keeps track of the ledger that the security deposit money belongs to. This information is available in General Ledger History for each owner and on the Bank Balance Breakdown report. When you post the bank to bank transfer you must enter a ledger for each security deposit you are moving. If you are moving several deposits, each must have its own line item.
For details on refunding a security deposit see the Procedure for Security Deposit Refund.
This function writes the check, posts the check and records the receipt, leaving the amount in Deposit Receipts ready to include on a deposit slip. All you need to do is identify each ledger and the amount of money being transferred for that ledger. After posting the check go to Deposit Receipts and make the deposit.
Posting Date
This is the date you want on the transaction in the bank history.
Reference
Double click in this field to enter today’s date. You can also enter a short memo in this field.
Payee
This is probably the management group, as the check is going to the other bank account.
Write Check From Bank
Select the bank account from which you are writing the check.
Deposit into Bank
Select the bank account where the money is being deposited.
Check Number
If this is a handwritten check, mark the Handwritten checkbox and enter the check number here.
Check Total
This field is calculated from the line items entered.
Memo
Enter a memo explaining the transaction if necessary.
Line Items
You can enter as many line items as you need to on one check. Click in the white area below the line item to enter another.
Ledger
Select the tenant, owner or unit whose money you are transferring.
Bill Code
Select the bill code you use to transfer the security deposit money - see the Security Deposit Refund procedure for information on creating the bill code.
Amount
Enter the amount of money being moved for this ledger.
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