When you add your first bank account, it automatically becomes your Operating (Main) bank account. All your properties will be linked to this account by default.
To maximize TenantCloud's capacities, familiarize yourself with bank account setup, assignment, and verification to ensure smooth financial operations. The following link might be useful:
If you want funds related to a specific property to be sent to a different bank account, you will need to add another bank account and re-assign the bank account associated with the property in your Online Payments settings.
To do this, go to Online Payments from the main Settings menu. Select the "Properties" tab.
Please note! You need to have at least two bank accounts to re-assign properties. Make sure your account limits allow that option.
You will see a list of your properties and the bank account(s) linked to each property. In order to change the bank account assigned to a particular property, press the “Edit“ button near the desired property.
Why Separating Funds Matters
Co-mingling bank accounts can be risky - not only does it make income tracking difficult, but it can also mix the liability across multiple businesses. To help you avoid this, you have the option to separate the flow of funds in your Online Payments settings.
You can assign a different bank account for each property’s Income and Deposit categories:
Income: This account will be used for rent, credits, and other property-owner-based transactions.
Deposit: This account will be used for liabilities (excluding overpayments).
You can choose a separate bank account for each field from the drop-down menus or use the same account for both if preferred. After making your selections, be sure to click “Update” to save your changes.
Important: You can update or reassign the bank account associated with a property at any time. However, any transactions already pending at the time of reassignment will still be processed to the originally selected account.
Managing Bank Accounts in Property Manager Mode
When Property Manager Mode is enabled, any funds that are invisible to owners will automatically be routed to the Operating (Main) bank account, even if a different bank account is assigned to the property.