This article describes a workaround for transferring a security deposit from one tenant to another.
The process uses both Sage Intacct Real Estate and Sage Intacct Accounts Receivable. Because it includes manual accounting steps outside the current SIRE transfer workflow, follow your organization’s accounting procedures when completing it.
Create An AR Adjustment From The Original Deposit
In SIRE:
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Go to Tasks > Manage Leases > Deposits.
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Locate the original security deposit.
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Select Apply.
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Complete the adjustment fields:
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Adjustment Date: Transfer date
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Liability Account: Security Deposits account
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Amount: Amount to transfer to the new tenant
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Select Post Adjustment.
This creates an AR adjustment for the original tenant.
Create A Security Deposit For The New Tenant
In SIRE:
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Go to Tasks > Manage Leases > Leases.
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Open the lease associated with the new tenant.
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Select Edit.
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Open the Deposits tab.
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Create a new security deposit.
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Complete the deposit fields:
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Type: Appropriate deposit type
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Tenant: New tenant
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Unit: Corresponding unit
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Refundable: Select whether the deposit is refundable
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Complete the invoice fields:
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Transaction Date: Transfer date
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GL Posting Date: Transfer date
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Item ID: Security deposit item
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Amount: New security deposit amount
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Select Save.
The new security deposit and its related invoice are created in SIRE.
Create A Debit Memo For The Original Tenant
In Sage Intacct Accounts Receivable:
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Open Accounts Receivable > Adjustments.
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Locate the AR adjustment created from the original deposit.
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Open the adjustment and select Duplicate.
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Change Type from Credit Memo to Debit Memo.
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Select Save.
The debit memo offsets the original tenant’s security deposit adjustment.
Create A Credit Memo For The New Tenant
In Sage Intacct Accounts Receivable:
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Open the original AR adjustment again.
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Select Duplicate.
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Change Tenant to the new tenant associated with the new security deposit.
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Re-enter the Security Deposits account if it is cleared when the tenant changes.
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Select Save.
This creates a credit memo for the new tenant.
Apply The Debit Memo To The Original Adjustment
In Sage Intacct Accounts Receivable:
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Select the + action next to Receive payments - New!.
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Select the original tenant.
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Select Show Invoices.
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Select the AR adjustment created from the original security deposit.
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Enter the security deposit amount in Credits To Apply.
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Select Post.
Apply The Credit Memo To The New Deposit Invoice
In Sage Intacct Accounts Receivable:
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Select the + action next to Receive payments - New!.
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Select the new tenant.
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Select Show Invoices.
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Select the security deposit invoice created for the new tenant.
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Enter the security deposit amount in Credits To Apply.
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Select Post.
Verify The Transfer
Confirm that:
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The original security deposit is fully applied.
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The new security deposit invoice is marked as paid.
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The debit memo and credit memo are posted to the appropriate tenants.
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The transferred amount is correct in Sage Intacct Accounts Receivable.
Frequently Asked Questions
Is This A Native SIRE Transfer Workflow?
No. This article documents a workaround that combines SIRE actions with manual Sage Intacct Accounts Receivable transactions.
Can I Use The Transfer Action For A Different Tenant?
The current SIRE Transfer action is intended for transfers to another unit or lease for the same tenant. Use this workaround when the deposit must be moved between different tenants.
Which Account Is Used For The AR Adjustments?
Use the company’s Security Deposits liability account according to your accounting configuration.
Do I Need To Create A New Deposit For The New Tenant?
Yes. Create the new deposit and its related invoice in SIRE before applying the credit memo in Sage Intacct.
How Do I Confirm That The Process Was Completed?
Verify that the original deposit is fully applied and that the new tenant’s security deposit invoice is marked as paid in Sage Intacct Accounts Receivable.
Should This Process Be Completed Without Accounting Guidance?
No. Because this workaround includes manual accounting transactions, follow your organization’s accounting procedures or coordinate with your accounting team.