Security Deposits

Adding

Step 1

1. Click “Add” in the Pane 1 Toolbar.
2. Deposit Name: Describe the deposit.
3. Deposit Type: Select “Cash” or “Letter of Credit” from the drop down box.
4. Deposit Status: Select “Active.”
5. LOC Expiration Date: If the Deposit Type is “Letter of Credit,” enter the current expiration date.
6. Document/Section: Add a reference the Lease document/section.
7. Click “Save” in the Pane 1 Toolbar.
8. Use Notes to describe any pertinent information related to the deposit, such as interest requirements, letter of credit requirements, changes in the deposit amount over time, etc.

Step 2

1. In Pane 1, highlight the Security Deposit.
2. Click “Add” in the Pane 2 Toolbar.
3. Deposit Date: Enter the date that Tenant was required to provide the deposit (if the Lease does not specify a date, use the Lease date). Info: Dates entered here automatically appear on the Critical Dates report.
4. Source: Select "Per Lease" if entering a deposit amount as specified in the lease; select "On Hand" if entering a deposit amount actually received.
5. Deposit Amount: If "Per Lease" was selected in step 4, enter the amount of the deposit per the lease documentation; if "On Hand" was selected, enter the deposit amount received.
6. Click “Save” in the Pane 2 Toolbar.
7. Repeat steps 2 – 6 until all current and future deposit amounts have been entered.