Overview
Security deposits can be recorded on a lease and associated with a tenant and unit.
When a deposit is created, SIRE can generate the related invoice so the tenant's debt for the deposit amount is recorded. The invoice is also sent to Sage Intacct Accounts Receivable.
Access The Lease
Go to Tasks > Manage Leases > Leases.
Open the lease and select Edit.
Select the Deposits tab.
Add A Deposit
Select + Add New and complete:
-
Type: Select the applicable deposit type. Values come from Company > My Preferences.
-
Tenant: Select the tenant associated with the deposit.
-
Unit: Select the unit associated with the deposit.
-
Refundable: Mark the deposit as refundable when applicable.
The tenant and unit lists are limited to records associated with the lease.
Configure Deposit Interest
Interest setup is available for refundable deposits and is optional.
Property-level interest settings can populate when a new lease is created. You can also configure interest for an individual deposit by selecting the Interest Setup action next to the deposit.
Complete the applicable fields:
-
Interest Rate: Select the interest rate configured for use in SIRE.
-
Interest Basis: Select the basis used to calculate interest.
-
Interest Liability Account: Select the General Ledger account used to record the interest liability.
-
Compounding Frequency: Select how often interest is compounded.
-
Interest Exp/Clr Account: Select the General Ledger account used for interest expense and/or clearing.
When interest settings are entered, the applicable fields are required before the lease can be saved.
These settings are used when SIRE calculates interest during deposit application, refund, or transfer processes.
Record A Letter Of Credit
Use the Letter of Credit action to record:
-
Bank
-
Amount
-
Expiration Date
Complete all required letter-of-credit fields before saving.
Create The Deposit Invoice
Use Create Invoice to generate the invoice associated with the deposit.
The invoice records the tenant's debt for the deposit amount in SIRE and is sent to Sage Intacct Accounts Receivable.
Complete:
-
Transaction Date: The date used on the deposit invoice.
-
Accounting Date: The GL posting date for the deposit invoice.
-
Item ID: The order entry item used on the invoice.
-
Amount: The deposit amount to invoice.
Select OK to create the invoice.
The invoice number and status are displayed in the Deposits table.
Find The Invoice In Sage Intacct
To review the generated invoice, go to Sage Intacct > Accounts Receivable.
Search using:
-
The invoice number displayed in SIRE.
-
The tenant associated with the deposit.
Frequently Asked Questions
Can I Record A Deposit Without Creating An Invoice?
Yes. You can save the deposit information and generate the related invoice separately.
Can I Create More Than One Deposit For A Lease?
Yes. Add a separate deposit for each applicable tenant, unit, or deposit type.
Where Do Deposit Types Come From?
Deposit types come from the values configured in Company > My Preferences.
When Is The Refundable Option Available?
The refundable setting depends on the selected deposit type and is available for applicable refundable deposit types.
Can I Configure Interest For A Deposit?
Yes. Interest setup is available for refundable deposits and can be configured for an individual deposit.
What Information Is Required To Create The Invoice?
You must enter the Transaction Date, Accounting Date, Item ID, and Amount.
Where Can I Find The Generated Invoice?
Find the invoice in Sage Intacct > Accounts Receivable by searching for the invoice number or the associated tenant.