You collected a last month's rent deposit when your tenant moved in, and now the last month of the lease has arrived. Now what? In DoorLoop, handling this is easy. You'll just withhold the deposit to pay off the final rent charge.
Note that you can also withhold deposits as part of the Ending a Lease wizard!
If you withhold the last month's rent deposit before the final month of rent is charged, the withheld deposit exists as an unapplied credit until the charge posts and the credit becomes rent revenue.
From the main menu, select Leases < Active Leases.
Find the lease you want to withhold the 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.
Click on the Deposits tab and then the Withhold Deposit button.
Enter the following information:
Description: enter an optional explanation for the withholding.
Amount to Withhold: enter the amount of the deposit to withhold. If there is more than one lease deposit, you can withhold from multiple deposits, or put $0.00 in the deposits you don't want to withhold.
Due Date: change the date for the withholding if needed.
Add note: add an optional note for your reference when reviewing the withholding later.
Add any relevant files and click Save.
Good work! You withheld the last month's rent lease deposit to pay off the final outstanding rent charge, converting the deposit money from a liability on your balance sheet to income shown on your profit and loss report.