TenantCloud distinguishes between recording financial transactions and the actual movement of funds. Understanding this distinction is vital to using the system effectively. You can apply deposits and credits to unpaid invoices in the system. This involves recording the movement of credits and liabilities within the system for accounting purposes, but does not inherently trigger actual fund transfers.
For this, go to the "Accounting" section on the left-side menu on your dashboard and switch to the "Transactions" subpage.
If you are using the New Navigation layout, open the Revenues page from the Financials left-side menu to get to the Invoices tab.
Click on the "Money Out" button and select the "Apply deposit" option from the list:
Choose the tenant, then select the property, unit, and lease number the system will display the list of all unpaid or partially paid invoices for the particular tenant and the available liability amount.
It is important to note that applying a liability amount is a record-keeping function and does not constitute an actual transfer of funds or payments.
Choose the invoice date, category, type of liability, and the amount you want to apply. Click on the "Pay online" or "Record as applied" button to save changes. The liability amount you've used will be moved to income:
You can apply the liability to unpaid/partially paid Property or General income invoices. If there is no invoice displayed when you select the tenant, that means they have no unpaid/partially paid invoices.
Additionally, credits and deposits can be applied from the Accounting by opening the invoice and selecting the necessary option from the three-dot menu:
Confirm the action:
The invoice ID number in the Payments & Activity indicates the actual transaction that has been used to apply the credits or deposits. This record shows the accounting transaction and does not represent the actual movement of money. Recording this transaction ensures accurate account tracking but does not equate to disbursing funds to the tenant.
