A/R Security Deposits
Facilities often choose to keep security deposits separate from the balances for services and rent; therefore, security deposits entered in Residex are not included in the resident account overview or statements. Security deposits differ from "Other Cash" because they are a fixed requirement vs. a payment for miscellaneous items.
Security deposits are required to cover items such as first/last month's rent, possible pet damage, or key fob use. For security deposits you need to:
- Specify the deposit type
- Set the required deposit
- Enter payments against the deposit type
We will break each of these steps down.
To create deposit types, in Desktop ResiDex:
- Start at the Setup Tab
- Search for "Deposit" and select "Deposit Types (G/L)"
- Enter the deposit types and G/L (General Ledger) codes if applicable
Set Required Deposits:
- From Desktop ResiDex - click the Receive tab
- Click the Other Cash Receipts button
- Click the Set Required Deposit button
- Select New at the top of the screen
- Select the Resident name
- Select the deposit types (these will match the options you set up in the "Deposit Type" step)
- Enter the amount of the deposit that is required - when finished press Save or close the window
- Once saved, the required deposit(s) will be displayed showing both the paid and due amounts
Applying Security Deposit Payments:
- From the Receive Tab - click the Other Cash Receipts button (image 1 of this document)
- Click New at the top and fill in the fields
- Enter the Receipt Date (this should match the date it was deposited in the bank)
- Select the Receipt For - be sure to select one of the security deposit types
- Select the Type - personal check, bank check, EFT, etc.
- Enter the check/reference (optional)
- Enter the payment Amount
- Optionally enter the payment Description
- Select the Community where the resident resides
NOTE: The Receipt For field is limited to ONLY those Residents who have a security deposit of that type "Set" for them. If the Resident you need is NOT listed, ensure you followed the "Set Required Deposit" step.
- The Deposits Required screen will show up-to-date paid/due information
Security Deposit Report:
- Resident Deposit Balance - Allows you to select one resident and see the deposit status
- Resident Deposit Balances - Will display all deposits for active and inactive residents at a given campus
Returning a Deposit:
If a deposit is returned, you can enter that information on the "Set Required Deposit" screen.
- Open the Set Required Deposit screen and click on a line item
- Fill in the Returned Deposit information
- When the information is entered it will be displayed in the "Returned" deposit column