Sometimes you take a holding deposit as a down payment on one of your properties which is then used towards their main deposit (or rent) when the tenancy begins. If they fail their checks, then the deposit is returned and they do not move in. Here is how you can record these transactions in Landlord Vision without raising a tenancy.
1. Add the prospective tenant as a contact.
2. Go to Settings > Chart of Accounts and add a 'Holding Deposits' liability account. Tick the 'Allow payments to/from account' check box.
3. Go to Property Manager > Income > Add Invoice (Other Income) and write the deposit amount to the 'Holding Deposits' account.
4. Record a payment against the invoice.
5. To record the holding deposit returned, go to Property Manager > Income > Add Credit Note and select the 'Holding Deposits' account. Then post a refund payment against the credit note.
If the tenant stays on, simply record the payment and allocate it to the first month's rent.
Customer support service by UserEcho