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Set Up Last Month's Rent Deposit on a Lease
Set Up Last Month's Rent Deposit on a Lease

The steps to charge and collect last month's rent if you hold that type of deposit.

Samuel avatar
Written by Samuel
Updated today

Overview

DoorLoop treats a tenant's payment for a last month's rent deposit the same way it does a security deposit. In other words, you create a charge to a liability account (Last Month's Rent) and the payment for this charge creates a deposit. This deposit is then held as a liability until it is used to pay the rent charge for the last month of the lease.

The Steps

Posting the Charge for Last Month's rent

You may have already added a charge for the last month's rent deposit when you originally created the lease. If not, you can create the charge for the deposit after creating the lease using the following steps.

  1. To post a charge for last month's rent deposit, click Leases on the main menu and then click on Active Leases.

  2. Find the lease for which you want to charge a last month's rent deposit and click on it.

  3. Click on the Transactions tab and then the Post Charge button.

  4. Enter the following information:

    • Category: choose Liability > Last Month's Rent category for the charge.

    • Description: enter an optional explanation for the deposit charge. (What you enter here is what the tenant will see on their lease ledger in the tenant portal. If you leave it blank, the tenant will just see the word “Charge.”)

    • Amount: enter the amount for the last month's rent charge.

    • Due Date: change the due date for the deposit charge if needed.

    • Add Memo: add an optional memo for your reference when reviewing the charge later.

  5. Add any relevant files (optional) and click Save.

Receive Payment for Last Month's Rent Deposit

If your tenant pays this charge online, there is nothing more you need to do to create the deposit. If your tenant paid you outside of DoorLoop, you will need to manually record this transaction to create the last month's rent deposit.

To do this, use the Receive Payment button on the Transactions tab and review the instructions to record a lease payment if necessary.

Last Month's Rent should now appear in the Deposits section of your lease. It will be held there until you withhold the last month's rent deposit to pay off the final rent charge.

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