Sign Mississippi Banking Rental Application Secure

Industry sign banking mississippi rental application secure

and now we will learn how to set up our file to manage security deposits if you have any questions about this topic you can leave them in the comments section below and i'll do my best to help you and of course if you feel the video helped you i hope you will click like and don't forget to subscribe to get updates on new videos that come out all the time a security deposit is money a tenant pays when they move in but it is not normal rent it is counted separately from the rent because it is intended to cover any costs that the tenant is responsible for like repair or cleaning sometimes it is used as the last month's rent if the tenant does not pay you may not need to do anything look you could just put the deposit and the rent into the same place and not separate them if you don't need to and there are many landlords in this country that don't need to keep separate records of the security deposit for those who don't need to show in their records the total tenant security deposit as a separate number you can just look at each tenant's balance and be aware that includes the security deposit however sometimes landlords are required to show in their records a separate total for all the security deposits from all the current tenants if so you must first set up the file for the security deposits so what does the file need well first it needs a separate accounts receivable type of account to represent the total of all tenants security deposit well why does it have to be an accounts receivable type of account we discussed this several times earlier in the course if you want the total of all the late paying customers to add up to one account rent receivable you have to make rent receivable an accounts receivable type of account if you want the total of all early paying customers balance to add up to the unearned rent account then you have to make the total unearned rent an accounts receivable account and it's the same thing with everybody's security deposit if you want the total balance of each individual tenants security deposit to equal one account called security deposits payable you have to make that account an accounts receivable type of account and we'll name it security deposits payable so from the main menu click list chart of accounts from the bottom left click account new then of course this is an accounts receivable type of account and we're going to name it security deposits depart let's make it capital because we want to separate it security deposits payable and we leave the name payable to make sure that if a person reads this they know that we owe this money back to the tenant even though it might show up on the wrong side of the balance sheet so what else does the file need well it needs a custom report showing each tenant's individual amount of remaining security deposit it has to have a tenant balance detail that shows only the normal rent and that can be two separate reports showing two separate things the tenant balance detail that shows only the normal rent includes both the rent receivable and the unearned you need a separate balance per tenant report for security deposits if you want to track what remains in order to do that you have to filter the customer balance detail for just the transactions that involve the deposit and then if you want a report that shows normal rent you have to filter the customer balance detail for both the receivable and unearned rent and they're both very simple please follow step by step from the main menu click reports accountant and taxes excuse me reports customers and receivables customer balance detail again reports customers and receivables customer balance detail now in the top left of the custom report we're going to click the button and this time we're going to click the filter tab now we're going to filter by account first we want to have a report that shows only transactions related to this account security deposits payable that's all you do then when you click ok you notice there's nothing there well of course there's nothing there we have not yet recorded any security deposits yet but let's finish customizing it so that we can identify it just like we learned in a previous video click customize report and again click header footer and then you can click security deposits payable just like that okay then we can remove you know all the other irrelevant data and then click ok and here it is now we can click view add customer balance detail to the icon bar and again in the icon bar change the name to security deposits payable and then click ok and now you have a report that shows you only the amount of security deposit owed back to each individual tenant but we're not done because this main one is going to show you everything we never filtered this so both the security deposits and the normal rent are going to show up on the original one so we have to make another customer balance detail into a special tenant balance detail again click customize again click filter again click account because we're filtering by account but careful this time we're going to choose multiple accounts and we only want to we want the uh where is it we want the rent receivable and unearned rental income those are the two we want because they show what's owed to or from holden for normal rent and not include anything about the security deposit click ok then click header footer and change it to only rent balances balance says which means it does not include the security deposit but it does include everything else click ok and now it looks the same as the original one but again that's because we haven't had any deposit transactions the next video after we get deposits you will see these reports will then look different but we have to save this one as well view add customer balance detail to the icon bar and we're calling this rent balances rent balances and then click ok and now we have two reports one that shows just the security deposit by tenant and this shows what's owed to or from the tenant regarding rent but it will not include anything regarding the security deposit remember the original report will show both and again you could stick to the original report if you don't need to separate the security deposit for any reporting reason [Music] you