Tenant Security Deposits

Rentec Direct property management software helps you keep track of deposits for your tenants via a separate deposit ledger to ensure these deposit funds do not get mixed in with regular rent payments and monthly transactions. Most states, as well as general accounting principles for landlords, require this separation of funds.

The Deposit Ledger Basics

To locate the tenant deposit ledger in your software, follow these simple steps. 

In your Rentec Direct account: 

1. Click on Tenants
2. Click on the tenant balance or right-click and choose View Ledger from their menu to access the ledger
3. At the top of the ledger, you'll find their On Deposit balance.
   
   Note: A red balance will indicate the deposit is not yet fully funded. A green balance will show that it is fully funded.  

The deposit ledger has been designed to allow you to complete all the tasks necessary for receiving and processing deposits and other separately held funds.

Within the Security Deposit Ledger, you have the option to: 

• Receive Deposit documents a security deposit payment from a tenant.
• Return deposit is used to return some or all deposit balance back to the tenant. 
• Move Deposit to Tenant Ledger transfers funds from this deposit ledger to the tenant ledger (e.g. deposit used to pay rent balance or damages)
• Increase Deposit Due when additional deposits are required from the tenant
• Migrate Deposit is used when a tenant moves and you want to transfer funds from this deposit ledger to another property
• Transfer Deposit is used when you want to transfer money from the tenant's deposit ledger to a different bank account
• Transfer Deposit to Property Ledger When applicable. This will also increase the property owner's ledger balance.

Edit a Security Deposit Transaction

You can edit any existing ledger line by clicking the Edit icon.

Delete a Security Deposit Transaction

If you wish to remove an entry, click on the Edit icon and then the Delete button. 

Print a Deposit Ledger

To print the deposit ledger for you or your tenant's records, click on the  Print Deposit Ledger button at the top. 

Important Note: It's best to manage the Tenant's Security Deposit prior to moving out. If transactions on the Tenant's Security Deposit are made after moving out, the transactions may need to be added manually to the property and/or bank account ledgers.