Overview
Use Transfer to move a refundable security deposit to another unit or lease for the same tenant.
The transfer creates a new deposit and applies an Accounts Receivable adjustment from the existing deposit to the new deposit.
Start The Transfer
Navigate to Tasks > Manage Leases > Deposits.
Locate the applicable deposit and select Transfer.
The Transfer Deposit window displays the existing deposit information:
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Lease Name
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Tenant
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Unit Name
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Type
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Refundable Amount
Select The New Deposit Details
In the Transfer Deposit section, the tenant from the existing deposit is displayed automatically.
Select or complete:
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Property Name: Property for the new deposit.
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Unit Name: Unit associated with the selected property.
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Lease Name: Current or future lease associated with the selected property, unit, and tenant.
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Type: Deposit type for the new deposit. Deposit types come from Company > My Preferences.
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Transaction Date: Date for the new deposit invoice.
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GL Posting Date: General Ledger posting date for the new deposit invoice.
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Item ID: Order Entry item used for the new deposit invoice.
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Invoice Amount: Amount of the new deposit invoice.
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Refundable: Indicates whether the new deposit is refundable.
The new property, unit, and lease must be selected in that order because the available units and leases depend on the previous selection.
The selected lease must be associated with the same tenant as the existing deposit.
Configure Interest For The New Deposit
When the new deposit is refundable, you can optionally open Interest Setup and configure:
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Interest Rate
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Interest Basis
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Interest Liability Account
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Compounding Frequency
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Interest Exp/Clr Account
These settings apply to the new deposit.
Apply The Existing Deposit
In the AR Adjustment section, complete:
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Transaction Date: Date of the Accounts Receivable adjustment. When interest is configured on the existing deposit, this date is used as the ending date for the interest calculation.
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Liability Account: Account used for the deposit liability.
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Adjustment Amount: Amount transferred from the existing deposit.
Tax Details is required for Canadian companies.
The adjustment amount cannot exceed the existing deposit’s refundable amount.
When interest is configured on the existing deposit, SIRE includes the calculated interest in the transfer adjustment.
Interest During A Transfer
SIRE calculates interest for the existing deposit when interest setup exists and the transfer is processed.
The calculation uses:
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The existing deposit invoice payment date as the starting date.
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The AR Adjustment Transaction Date as the ending date.
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The interest rates configured for the existing deposit’s Interest Rate.
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The existing deposit’s Interest Basis.
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The existing deposit’s Compounding Frequency.
The Interest Amount is calculated automatically. The transfer adjustment includes the transferred amount and the calculated interest, with the interest posted using the configured interest liability and interest expense/clearing accounts.
Interest settings configured in the new deposit’s Interest Setup are saved for the new deposit and apply to future deposit processes.
Post The Transfer
Select Post Transactions.
SIRE:
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Creates the new deposit invoice.
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Creates an Accounts Receivable credit adjustment from the existing deposit.
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Applies the adjustment to the new deposit invoice.
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Records the payment adjustment.
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Records the transferred amount against the existing deposit.
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Creates the new deposit in SIRE with the amount applied.
The new deposit invoice can be displayed as paid or partially paid, depending on the amount transferred.
Multicurrency Companies
For multicurrency companies, the tenant currency must match the company’s base currency. Otherwise, Intacct returns an error when the transfer is processed.
Frequently Asked Questions
Can I Transfer A Deposit To A Different Tenant?
No. The destination lease must be associated with the same tenant as the existing deposit.
Can I Transfer A Deposit To A Different Unit?
Yes. Select a different unit within the selected property and lease, provided it is associated with the same tenant.
Can I Transfer A Deposit To A Different Lease?
Yes. The destination lease can be current or future, provided it is associated with the same tenant.
Can I Transfer Only Part Of A Deposit?
Yes. The Adjustment Amount can be less than the existing deposit’s refundable amount.
What Is Created During A Transfer?
SIRE creates a new deposit invoice, an Accounts Receivable adjustment, and a payment adjustment that applies the transferred amount to the new deposit invoice.
Can I Configure Interest For The New Deposit?
Yes. Interest Setup is available when the new deposit is marked as refundable.
What Happens To Interest Configured On The Existing Deposit?
SIRE calculates the applicable interest and includes it in the transfer adjustment.
What Dates Are Used To Calculate Transfer Interest?
SIRE uses the existing deposit invoice payment date as the starting date and the AR Adjustment Transaction Date as the ending date.
Why Did The Transfer Fail In A Multicurrency Company?
The tenant currency must match the company’s base currency for the transfer to be processed successfully.