Need to add a deposit to a lease in Property Vista? We have 2 options when entering deposits (New Deposit & Legacy Deposit). Need to know which one to choose, see below to find out the difference!
NEW DEPOSIT
A new deposit can be added to a lease at any time although there are a few things to remember!
1. A new deposit will create a charge on your tenant ledger for your tenant to pay. This can be charged immediately OR can be posted with an effective date in the future!
2. A new deposit will appear in your deposit GL account (Move-In, Security OR Last Months Rent)
LEGACY DEPOSIT
A legacy deposit can be added upon initial creation of a "Current" lease or any time after creation. A Legacy Deposit cannot be added to a "New Lease" at any time.
1. A legacy deposit will create a Carry forward credit - this is acknowledging that the deposit was received & deposited to the bank account in the past. On a tenant summary it will note the charge & the carry forward credit with a balance owing of $0.00. The legacy deposit can be posted immediately or can be posted with an effective date in the future!
2. A legacy deposit will not be reflected in your GL's within Property Vista. This is because they were received outside of Property Vista. When the deposit is released it will be reflected in the respective GL accounts.