Acquisitions: Deposit on Lease, but not in ResMan

OccasionallyOccassionally, when we acquire a property, Deposits that are paid to the Prior Owner are not recorded in ResMan.  This happens primarily due to the incorrect Transaction/Charge Code that the prior company was utilizing.  

However, that does not alleviate our required responsibility to refund the payment.  

IMPORTANT - Depending on how long after the takeover we discover the missing Deposit, the steps below may be different.  Please reach out to Support and/or Natalie for specific directions.  

Steps to record Missing Deposit in ResMan.

1. Go to the Residents account. 
2. Enter a One-Time Concession.   (Screenshot below)
   1. Transaction Category: One-Time Concession
   2. Date: Enter 7/1/2023
   3. The description must be: Pet Deposit Paid to Prior Owner / Lease
   4. Upload the Lease to the transaction document folder as a backup for this entry. 

Once this is completed, you will notify your Property Account, and request: 

• A Journal Entry (JE) to move the One-Time Concession from One-Time Concession to Prior Owner Expense.  

if the above steps are completed the "t", the entries can adversely affect your financials.