Transfer a Tenant Deposit
Rentec Direct property management software makes it easy to document security deposits received and released to the owner.
If you haven't already, create a new income category (such as deposit released to owner) so you can track these types of transactions. Learn more about Setting Up Categories | Chart of Accounts
Tip: If you do not believe this transaction should be considered income, create an 'other' category instead of an income category.
Transferring a Deposit (Owner Held Deposits)
After a security deposit has been received and posted to the tenant's Deposit Ledger, you can quickly transfer the funds to the property to be included with an owner disbursement with the following steps:
In your Rentec Direct account:
- Click on Tenants
- Click on the balance to enter the tenants ledger
- Click the On Deposit button to enter the deposit ledger
- Check the button to Transfer Deposit to Property Ledger
- Enter the Transfer Deposit to Property Ledger details, including a Memo as needed
- Click on Save Changes
This will transfer the deposit amount to the Property ledger. Once the funds have been transferred, they can be paid out in an Owner Disbursement.
Tip: Be sure to add a memo to that Owner Disbursement expense transaction referencing the release of the tenant's deposit.
More information on how to post a deposit received can be found here: Receiving Tenant Deposits