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Security Deposits in DomicoCloud
Introduction to Security Deposits
A security deposit is used to protect an owner from damage or unpaid rent balances. More than one security deposit can be created on a lease, for example a normal security deposit and a pet security deposit.
There are several ways a security deposit can be disposed. A security deposit can be credited back to the tenant lease to pay for things like the final month’s rent. Or you can have the security deposit fully or partially applied to charges for damages or cleaning. The final option is to fully or partially returns money to the tenant.
Any of these three choices can be done, or a mixture of the three.
Viewing Current Security Deposit Balance
When a security deposit is created on a tenant’s lease, it is not considered part of the Security Deposit Balance until the security deposit is actually paid by the tenant.
Once paid, you can see the security deposit balance at the top of the page on the Tenant Form on the Acct Activity tab.
You can also see a summary of security deposit balances (by currency) on the Tenant Form on the Overview tab.
Creating a Security Deposit
To create a security deposit, load the tenant in a Tenant Form. Go to the Acct Activity tab and click the Security Deposits.. link.
An action box with two choices will appear. Click the Create Security Deposit.. link.
The Security Deposit box will appear. The description will default to “Security Deposit”, which you may change if needed. Enter the amount of the security deposit and press the Save button.
A charge of with a SKU of SECURITY will be created in the amount of the security deposit. This charge will not be reflected in the Security Deposit Balance until the security deposit is actually paid by the tenant.
Refunding a Security Deposit
To dispose of a security deposit, load the tenant in a Tenant Form. Go to the Acct Activity tab and click the Security Deposit Actions.. link.
An action box with two choices will appear. Click the Refund Security Deposit.. link.
The Refund Security Deposit box will appear. The sum total of all paid security deposits (for the currency type of the lease) will appear at the top.
There are three ways to dispose the security deposit balance:
- Apply to Lease Balance – a credit with SKU of SECURITY is created
- Return to Tenant – a credit with SKU of SECURITY is created and applied to a refund line item. The funds will be taken from the bank account (or Undeposited Funds) which is selected.
- Forfeit – a credit with SKU of SECURITY is created and applied to the specified charge type (such as CLEANING or DAMAGE)
A combination of disposal methods may be specified as well. You must keep the total of entered amounts less than or equal to the total security deposit balance.
Press the Save button to refund the security deposit monies.
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