Those located in Europe will use the term Deposits, where customers located in North America and Asia-Pacific will use the term Security Deposits. For more information on regional terminology, please refer to this article.
Deposits/Security Deposits can be added to each tenancy where details can be stored about the security you hold on to a lease/tenancy.
- Click Deposits / Security Deposits on the left menu of the lease/tenancy to view and manage the record.
- Click +New Deposit to add a new deposit / security deposit.
Customers in North America will have the options, +Letter of Credit and +Other Deposits.
- Enter the Transaction Amount (1), Transaction Date (2), Transaction Type (3) and optional Description (4).
- If the transaction type is 'Deposit' the value of the Security Deposit or Bank Guarantee will increase. In the same way, the value of the Bank Guarantee or Security Deposit can be decreased by adding a 'Withdrawal'.
- Click Save (5).
Click transaction date link for each line to edit or archive the entry. Archived entries cannot be restored.
Click Reports > General > Deposits/Security Deposits under the Financial section to access the report.
Note: Adding a Security Deposit record does not create an invoice if the deposit is 'cash' or to be held an invoice is also required.
If you use Client/Trust Accounting, you should view the information about Bonds and Deposits if funds are to be received.
Xero users can raise a normal income invoice for the funds to be received.