Overview
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.
Tip: You can also withhold deposits as part of the Ending a Lease wizard!
The Steps
It's not uncommon to collect a last month's rent deposit when a new lease begins so how would you go about using that for the actual last month of rent? You would withhold the deposit so it can be applied to the last month's rent charge.
To withhold last month's rent deposit to pay for rent, click Leases on the main menu and then click Active Leases.
Find the lease you want to withhold the last month's rent deposit for and click on it.
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 Memo: add an optional note for your reference when reviewing the withholding later.
Add any relevant files and click Save.
Note: Make sure there is a charge for rent before withholding the deposit.
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.