Receiving Tenant Deposits
Tracking deposits received is easy in your Rentec Direct software.
Receiving a Deposit
When you receive a deposit payment from a tenant to cover their deposit due, last month's rent, or any other deposit amount that you want to hold separate from rental income, follow these instructions.
In your Rentec Direct account:
- Click Tenants
- Right-click and choose View Ledger from their menu (or click on the tenant ledger balance).
- Click the On Deposit button to enter the deposit ledger
- Select the Receive Deposit action
- Specify the Date and Amount received
- Use the Account drop-down menu to choose the bank account that you'll be using to hold the funds.
- You can set up a default security deposit account to auto-populate with these types of transactions under your Accounting Defaults in Settings.
- If you place the security deposit into your Undeposited Funds account, it will show up within your deposit summary preceded by a (D) followed by the associated property name, signifying this is a tenant security deposit.
- If you want to track that the owner received the funds directly, choose NONE from the Account drop-down menu.
- Add a Memo (such as 'pet deposit received') as needed
- Click the Save Changes button when finished.
Note: if you are releasing the funds for the owner to hold, or they received the deposit directly, you will then want to Transfer Deposit.
Information on how to transfer the deposit can be found here: Transfer a Tenant Deposit