Clearing Undeposited Funds

Undeposited Funds is a temporary holding account for physical tenant payments, such as cash and cheques, before they are deposited into a bank account.

Think of it as a virtual safe. When a payment is recorded as undeposited, Property Vista applies the payment to the tenant's lease and holds the funds in the Undeposited Funds General Ledger account (GL 1001:1000).

Once the physical payment has been deposited into the bank, you can transfer the funds in Property Vista to reflect the deposit.

Important: This workflow applies only to physical payments (cash and cheques). It does not apply to online payments.

Step 1: Record a Payment as Undeposited Funds

1. Navigate to TENANTS & LEASES → LEASES.
2. Open the applicable lease.
3. Select the DETAILS tab.
4. Navigate to ACTIONS → MAKE PAYMENT.

5. Enter the payment amount.
6. Select Cash or Cheque as the payment method.
7. Select the Undeposited checkbox.
8. Click SAVE.
9. Navigate to ACTIONS → PROCESS.

Viewing Undeposited Funds

To review the Undeposited Funds account:

1. Navigate to FINANCE → ACCOUNTING → GENERAL JOURNAL.
2. Locate the Undeposited Funds account (GL 1001:1000).

You can also reconcile the Undeposited Funds account to verify the payments currently being held.

The Undeposited Funds Lister displays payments waiting to be deposited into a bank account. By default, it displays uncleared payments.

Step 2: Transfer Undeposited Funds to the Bank

After the physical cash or cheque has been deposited into the bank:

1. Navigate to FINANCE → UNDEPOSITED FUNDS.
2. Locate and select the applicable payment.
3. Click TRANSFER FUNDS.

4. Enter the Bank Deposit Date when prompted.
5. Complete the transfer.

The Bank Deposit Date is recorded as the Received Date in the bank reconciliation.

For example, if the deposit was made on July 8, 2021, enter 07/08/2021 as the Bank Deposit Date.

Step 3: Verify the Transfer

Once the transfer is completed:

• The payment is marked as cleared.
• The payment no longer appears in the default Undeposited Funds Lister view.
• The payment is reflected in the applicable Bank General Ledger account.

To verify the transaction:

1. Navigate to FINANCE → ACCOUNTING → GENERAL JOURNAL.
2. Review the applicable Bank General Ledger account.

Note: Cleared payments can still be viewed in the Undeposited Funds Lister by removing the default Status filter.