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Account For a Last Month's Rent Deposit
Account For a Last Month's Rent Deposit

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

Samuel avatar
Written by Samuel
Updated over a week ago

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

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 through the following steps.

  1. From the main menu, click Leases and then click on Active Leases.

  2. Find the lease you want to charge a last month's rent deposit for, and click on it. You can either sort the list by the various columns and filters or use the Search leases search bar.

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

  4. Enter the following information:

    • Category: choose the Last Month's Rent liability account 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.” You will also see this description in the “Memo” column in relevant reports.

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

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

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

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

Recording the Payment

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 Lease Payment button on the Transactions tab and review the instructions to record a lease payment if necessary.

When the charge for the last month of rent for the lease posts, you can withhold the last month's rent deposit to pay off this final rent charge.

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