Users will need to use the Double entry function to move deposit funds to another balance in the system. Below are some common examples of double entries that move funds out of the deposit balance.
Example 1
Too much money has been assigned as a deposit, and some of this should be apportioned to rent. To resolve this, the double entry below should be completed. It will deduct funds from the deposit and apply them to the rent balance for the same property.
Navigate to Financials > Double entry
Within the Money out section, populate the fields as below:
Category = The property
Subcategory = Deposit out
Adjustment value = the balance to transfer
Within the Money in section, populate the fields as below
Category = The property
Subcategory = % Rent in
Adjustment value = the balance to transfer
Select the rent period that this payment pertains to
Include a suitable description and click Add Adjustment
Example 2
Deposit funds were assigned to the wrong property. To move the deposit from the incorrect property to the correct property, the following double entry can be completed.
Navigate to Financials > Double entry
Within the Money out section, populate the fields as below:
Category = The incorrect property
Subcategory = Deposit out
Adjustment value = the balance to transfer
Within the Money in section, populate the fields as below
Category = The correct property
Subcategory = Deposit in
Adjustment value = the balance to transfer
Select the rent period that this payment pertains to
Include a suitable description and click Add Adjustment
Once completed, balancing payment (BP) lines will be added to the system to show the transfer. These can be viewed by navigating to Bank > View bank lines. One line will debit a property (deposit out), and the other will credit a property (deposit in).