Need to keep security deposits in a separate payment account from rent or other charges? No worries. This guide will help you set that up. 🎉
How to get started: 👇
Create a new payment account for the bank account you want to use to collect security deposits only.
Connect that payment account to the property or properties where you want to collect deposits.
Use the Security Deposit dropdown to link your security deposit account to the appropriate property.
If you want to set a different account for each individual unit, click the arrow next to the property address, then select the payment account from the dropdown.
Important Notes:
The Primary payment account receives all standard payments such as rent, late fees, repairs, utilities, and other charges.
The Security deposit account (optional) receives payments for charges labeled “Tenant Security Deposits Held.”
Inherity from Property - this means the unit uses the same payment account linked to the property. Click the dropdown to select another account to link for that specific unit.
💡 Tip: You can name payment accounts with a "DEPOSIT" to make them easier to identify. For example: YourCompany LLC - DEPOSIT. This name also appears on your tenant’s bank statement.