Recording receipt of security deposit (and passing on to landlord)
- From the main menu select Bank -> Tenant Transactions
- Identify the property / tenant
- Ensure the Receipts tab is selected
- Select a payment type of 'Tenant Payment' rather than Security Deposit
- Enter an appropriate description, e.g. ‘Security Deposit’
- Complete the remaining details and submit
A Rental Credit with a NEGATIVE value for the amount of the Security Deposit will need to be entered with an appropriate description of e.g. Security Deposit passed to Landlord. So that it is clear on the Tenant Statement that the Landlord is holding the deposit and therefore responsible for having it lodged with the appropriate Deposit Protection Scheme.
Recording first month’s rent
- Apply a rental credit, with a negative value, equal to the rental value of the property. A description of ‘First month’s rent due’ or similar should be used.
- Record the rent receipt in the normal fashion via Bank -> Tenant Transactions, Receipts tab and a type of Tenant Payment
Note: When dealing with Let Only Properties the Management Fee should be set to Zero.