Security Deposits, also know as Bank Guarantees on UK accounts, is a space within each tenancy where details can be stored about the security you hold on a tenancy.
Select Security Deposits or Bank Guarantees on the left menu of the tenancy to view and manage the record.
Adding a Security Deposit or Bank Guarantee record does not create an invoice, if the deposit is 'cash' or to be held an invoice is also required.
If you use Trust Accounting or Client 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.
Enter the amount, date, transaction type and optional description.
If the transaction type is 'Deposit' the value of the Security Deposit or Bank Guarantee will increase.
After saving, the transaction is listed on the page. Click the transaction date link for each line to edit or archive the entry. Archive entries cannot be restored.
The Reports menu has a Security Deposits or Bank Guarantees report available.
The value of the Bank Guarantee or Security Deposit can be decreased by adding a 'Withdrawal' in the same way as adding the 'Deposit'. This will be included in the report.