If a lease is renewed or extended, there may be a situation where you as the property manager need to collect an additional security deposit from the tenants. You will want to create this transaction for your financials to accurately reflect the additional liability.
How to add a security deposit for an existing lease
When creating a security deposit transaction, you must have an active lease to record the security deposit against. If no active lease exists, you will not be able to create the transaction.
- Click on Accounting in the left navigation menu
- Click on the Transactions tab
- Click Add and select Security Deposit to create a new security deposit transaction
- Fill out the required fields, making sure that “Security Deposit” is selected for the account name:
- Click save to create the transaction (Note: if the security deposit has been paid, please be sure to mark the payment)
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