Transfer a Tenant Deposit
Rentec Direct property management software makes it easy to track any deposit you receive that you then release to the owner or any deposit the owner receives directly.
If you haven't already, create a new income category (such as deposit released to owner) so you can track these types of transactions.
Tip: If you do not believe this transaction should be considered income, create an 'other' category instead of an income category.
More information on creating categories can be found here: Setting Up Categories | Chart of Accounts
Transferring a Deposit (Owner Held Deposits)
Once you post the deposit to the tenant's Deposit Ledger, you'll then be able to use the Transfer Deposit option using the instructions below.
More information on how to post a deposit received can be found here: Receiving Tenant Deposits
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 Transfer Deposit option
- Specify the Amount that the Owner will receive or is holding
- Add a Memo as needed
- Click Save Changes
This will transfer the deposit amount to the Property ledger. Once the funds have been transferred, you will be able to post an Owner Disbursement transaction through the Property. Tip: Be sure to add a memo to that Owner Disbursement expense transaction referencing the release of the tenant's deposit.