Processing a Holding Deposit

The following steps are provided to streamline the process of accounting for a Holding Deposit into the Property Ledger.

Keep in mind that you will have to add the NEW Resident through the Resident Detail first, Then their name will appear in the drop down to select them as the resident who paid the deposit. Click Here for this instruction if you have not already reviewed it.

Note: See the most commonly used codes sheet.

Open the Property Ledger

From the Tree View:

  1. Expand ACCT Receivable
  2. Select Ledger from the drop-down list
  3. Search for the Property by entering in the Street Name of the property address
  4. Then click SEARCH
  5. Select Property Ledger Link

Credit the Account with the Holding Deposit

From the Property Ledger Screen:

Under the section for Income

  1. Select the Income Code (code 101 - rent for property) from the drop down list
  2. Select the Month the new resident is scheduled to move in from the drop down list.
  3. Select the Resident Name from the resident drop down list
  4. Enter the Amount of the Rent from the Holding Deposit
  5. Enter the Date of Receipt
  6. Then, click POST

Debit the Account for the Management Fee

From the Property Ledger Screen:

Under the section for Expense

  1. Select the Expense Code (code 201) from the drop down list
  2. Select the Company Operating Account Name from the Vendor drop down list
  3. Enter the Amount of the Management Fee* for the Rent from the Holding Deposit
  4. Then, click POST

*Confirm the Commission Rate (i.e. Management Fee) from the bar below the address at the top of the page.

Debit the Account for the Placement Fee

From the Property Ledger Screen:

Under the section for Expense

  1. Select the Expense Code (code 202) from the drop down list
  2. Select the Company Operating Account Name from the Vendor drop down list
  3. Enter the Amount of the Placement Fee for the Rent from the Holding Deposit
  4. Then, click POST

*Confirm the Lease Up Rate (i.e. Placement Fee) from the bar below the address at the top of the page.

Retain All Funds Until Resident Moves In

From the Property Ledger Screen:

Within the Top Navigation Bar

  1. Select the PPTY DETAIL / STATUS button

From the Property Detail Screen:

Within the Owner Fees Section

  1. Enter a new Ledger Minimum to include the Holding Deposit Amount (in addition to any previous Ledger Minimum Amount)
  2. Enter a Note for the Ledger Minimum Amount
  3. Then, click SAVE

* The Ledger Balance is provided for easy reference in the Top Navigation Bar, with a link back to the Property Ledger.