Managing Deposits/Security Deposits for Tenancies

For our users in different regions, the terminology used for bonds or deposits may vary. In North America, these are commonly referred to as "Security Deposits". To ensure clarity, we will use "Bond" throughout this article. For more information on regional terminology, please visit our Glossary of Regional Terminology.

This guide will provide clear instructions on how to add, manage, and report Security Deposits within your tenancy records. By following these steps, you'll be able to maintain accurate and updated records on the security you hold for each lease or tenancy transaction.

Adding a Security Deposit to a Tenancy

To get started with managing your Security Deposits:

1. Navigate to the Deposits / Security Deposits tab in the left menu of the Lease/Tenancy.
2. Click on +New Deposit to add a new Security Deposit entry. North American customers will also see the options +Letter of Credit and +Other Deposits.
3. Input the Transaction Amount, Transaction Date, and Transaction Type.
4. Add any optional Description as needed to provide further detail on the transaction.
5. Select Deposit as the transaction type to increase the value of the Security Deposit or Bank Guarantee. To reduce the value, add a Withdrawal transaction.
6. Once all details are entered, click Save to record the transaction.
   
   

To modify or remove a deposit entry:

1. Click on the transaction date link beside the entry to edit or archive it.
2. Please note that once archived, an entry cannot be restored.
   
   

Reporting on Security Deposits

To view a comprehensive report on all Security Deposits, head to the Reports tab in the green bar and locate the Deposits/Security Deposits located under the Financial section.

Important Notes Regarding Security Deposits

• Adding a Security Deposit record is for tracking purposes only and does not automatically generate an invoice for 'cash' deposits. Should funds be held, an invoice must be created separately.
• If you're using Client/Trust Accounting systems, please refer to related instructions regarding Bonds and Deposits when receiving funds.
• Users of Xero accounting software can generate a standard income invoice for the receipt of Security Deposit funds.

Managing Security Deposits effectively ensures proper documentation and financial control over the assets you manage. Make sure you familiarize yourself with all available options to accurately track these transactions.