This page will explain how to enter, maintain and report security deposits entered into the Property Manger. The following steps will be explained:
1) Create a Security Deposit charge code.
2) Apply Security Deposits to a tenant through Tenant Maintenance.
3) Adding/Maintaining Security Deposits through the "Tenant Deposits" screen.
4) How to print "Security Deposit" information.
5) Compound interest on security deposits.
6) Transfer Security Deposits to the General Ledger.
1)
Create a
Security Deposit charge code. Select Property Manager on the menu (left
pane). Then select Setup -> Charge Codes. Add a charge code for security
deposit. Be sure to change the "Charge Code Type" to "Security
Deposit". If interest is to be paid on this security deposit, check
the box after "Charge Interest" and enter the annual interest percent
in the "Interest Percent" field. Enter the appropriate General Ledger
accounts in the "G/L Interest Account" and "Cash G/L Account".
Here is the setup screen from sample data:
2)
Security Deposits can be
applied to a tenant through Tenant Maintenance. When adding/modifying a
tenant select the "Deposit" tab from the Tenant Maintenance screen. Only
assigning of Deposit Codes is allowed in Tenant Maintenance screen.
Use the "Tenant Deposits" screen to maintain (add/modify) deposits. The
intention of the "Deposit" tab on the Tenant Maintenance screen is to speed
entry of deposit information when adding new tenants. I need to explain ->
Deposit Code --> Amount --> Interest --> Pending columns. *The
Property Manager allows up to 5 deposits per tenant. The Deposit Codes need
to exist before they may be assigned to a tenant. Deposit Codes are added
through "Setup" -> "Charge Code" screen. Refer to the previous step for
details. Click Save Icon or press F8 to save the deposit
information applied to this tenant.
*The Amount column represents the amount of the deposit to be collected (or
to be collected - PENDING).
*The Interest column is similar to the amount column. It represents the
amount of interest already paid by this tenant. If this is a new tenant and
no interest has been paid, leave this field zero (0.00).
*The Pending column tells Property Manager how to handle this deposit when
saving the tenant. If the Pending column is checked, Property Manager will
not add Historical Deposit information. The deposit is Pending to be
received. The receipt of the deposit is entered through the "Tenant
Deposits" screen. Leaving this column Un-checked indicates this deposit was
previously received and is historical information. When this information is
saved the Property Manager will update the deposit information as received
and transferred. Please refer to "Tenant Deposits" for additional
information (next step). 
3)
Adding/Maintaining Security
Deposits is handled through the "Tenant Deposits" screen. From the Property
Manager menu, select "Maintenance" and then select "Tenant Deposits". Select
the tenant to modify the security deposits.
First select a tenant to modify. The first grid displays the deposits for
this tenant. The second grid displays details for the specific deposit
selected from the first grid. Highlight the first deposit 1 line and then
click the first icon to the right of the grid (Load Deposit Details). To
add new deposits or interest click the second icon to the right (Insert
Deposit/Interest). The following screen allows entry of the
deposit/interest information.
To add interest change the "Deposit Type" to "Interest". To correct a
previous entry highlight the entry to adjust and click the third icon to the
right (Adjust Deposit/Interest). A screen similar to the above Add screen
will be displayed. Enter the amount positive to increase or negative to
decrease the amount of the deposit or interest. Note: You can not change the
"Deposit Type". After clicking "Save" the details will show an adjustment
entry. The "Transferred" column indicates if this detail was
transferred to the General Ledger. The GL Export screen is located on the
Property Manager Menu under Month End Processing. If this column is
un-checked that transaction has not been transferred to the GL. A check in
the box indicates the detail has been exported. Note: historical details
entered as "Pending" on the "Tenant Maintenance" Deposit screen will
automatically be checked as being transferred. To delete a specific
deposit detail highlight the detail and click the bottom icon to the right
(Delete Selected Detail). A message "Delete/Reverse Option" -> Create Offset
entry to Reverse out the Entry? will be displayed. Click "Yes" to create an
offset entry leaving the detail for historical reference. Click "No" to
simply remove the detail from the deposit detail.
4)
How to print "Security
Deposit" information. From the Property Manager menu select Reports ->
Management Reports -> Tenant. From the Tenant screen change the "Report to
Print:" to either "Tenant Deposits Detail" or "Tenant Deposits Summary".
5)
To compound interest on
security deposits use the "Deposit Interest" screen from the "Month End
Processing Menu". Interest may be Compounded Monthly or calculated
Annually. Select the Month for the interest to be calculated. Interest is
calculated on the deposit date or the date of the last interest.
Calculations are not prorated. If the interest will accrue interest, check
the box next to "Include interest charges in calculation". Note: Interest
will be calculate for those Security Deposit codes that have "Charge
Interest" checked in Charge Code setup. The percent interest calculated is
based on the "Interest Percent" in Charge Code setup. The General Ledger
accounts are those on the Charge Code setup.
6)
To transfer Security Deposits to the General
Ledger select Create GL Export File from the Month End Processing Menu.
Change the "Transfer Level" at the bottom of the screen to "Security
Deposits". Verify the remaining screen information is correct. Click
Process. Thank you for selecting the PROPERTY MANAGER. If we can be of
assistance, please contact us at 719-395-4124 or 
Thank You for
selecting the PROPERTY MANAGER.