Different property management companies have different needs. With this in mind, we’ve widened Propertyware’s options for transferring funds between accounts on the Move Out screen. These changes make the process of refunding the security deposit to tenants, while covering move-out costs including incidental repairs and outstanding charges, a little easier.
First, in a new Transfer Funds section, we’ve added two new options for transferring funds from the security deposit account(s) to another designated account:
- Transfer Only Funds Applied to Charges – This is good for when security deposits are held in and refunded from a specific security bank account, but charges have been applied. This way, the property management company can maintain an accurate security deposit funds balance when some of those funds are used to pay outstanding charges, and the funds can be moved to an account where income from the charges can be made available to the owner.
- Transfer Set Amount – We recommend using this option when security deposits are held in more than one account. When this option is selected, rather than calculating an amount based on recorded charges, Propertyware lets the user manually key in an exact amount to transfer. The specified amount of funds is then transferred between designated accounts.
Of course, you can choose to not transfer funds between accounts at all, or to transfer the full amount held in the default security deposit account into the default operating account.
We have also added a new Transfer Funds Method option, which lets you choose whether your transfer will happen via a Journal Entry or a physical check.
Finally, security deposit refunds that are held and applied to more than one liability account, such as a secondary pet deposit account, will now automatically deduct from each associated liability account upon refund, with no need for transfer funds.
How will you use Propertyware’s new Move Out options? Comment and let us know!