Security Deposits Residents (Credit Balance)
This account tracks the liability for security deposits paid by the residents. Activity to this account is driven by the following:
· Credits to the account are created when payments made to an invoice that contains security deposits. Partial payments to an invoice will credit this account up to the amount of the security deposit.
· Debits to the account are created when invoices are ‘charged to security deposit’ through the payment routine and/or when a refund is issued to the resident for the balance of the account.
The balance of this account represents the total amount owed to residents for security deposits. Journal entries to this account will not report on the security deposit ledger and will not be handled correctly by the security deposits report.