Facilities and Financial

Liability GL Code for Security Deposits

A new liability account (2244) called Security Deposit has been added in the Liability section under Manage–>Organization–>Financial Settings.

The admin can edit this code in the Financial Settings.

In Financial Settings, default Security Deposits (instead of the rentals revenue account) will now be created to the 2244 Security Deposit account.

In Facility setup (Manage->Facilities), the admin can choose which GL account the Security Deposit is coded to but the default is the 2244 Security Deposit account.

When the admin applies payment for anything with a Security Deposit the admin now has the ability to choose which item on the invoice is being paid for first (e.g., first payment may be for the Security Deposit) as a partial payment.

As per usual, if the end user is paying online, then they must pay for the entire invoice.

If the payment is greater than the security deposit, then the security deposit is paid off first, and then any other items on the list.

Ex: a.Invoice for $300.00, GST $15.00, Security Deposit $300.00.

b.1st Payment = $450.00

c.Cash Distribution Report will show:

i.Security Deposit – $300.00

ii.Rental Revenue – $150.00

d.2nd Payment = $165.00

e.Cash Distribution Report will show:

i.Rental Revenue – $150.00

ii.GST – $15.00

When an administrator is making a payment, if a security deposit is associated with this facility, a checkbox will appear on both payment screens (offline and online) called “apply to security deposit first”. This will be checked by default.