A security deposit is an amount that a company pays your organization that your organization must pay back when the company's relationship with your organization ends, assuming there are no extenuating circumstances that would cause your organization to keep the security deposit.
You can add three types of security deposit charges in Kube:
Contract: Ties the security deposit to one of the company's active contracts. The selected contract may already include security deposits that may or may not be paid. However, the new security deposit is unrelated to the existing security deposits and represents an additional security deposit without amending the contract.
Amenity: Ties the security deposit to an amenity.
Custom: Charges the security deposit to a charge code without tying it to a contract or amenity.
Because your organization is responsible for paying security deposits back in the future, Kube classifies security deposits as liabilities. Use the Liability Reports and the Company Dashboard screen to see the liabilities on file for your companies. For more information, see Liability Reports overview and Company Overview billing section.
When you add a charge through the Charges screen, Kube checks the company's automatic invoicing setting on the company's Billing Options screen. If automatic invoicing is set to Yes, Kube sets charges you manually create to automatically invoice. If automatic invoicing is set to No, Kube does not set charges you manually create to automatically invoice. You can change a charge's invoicing option by editing the charge. For more information, see Setting whether invoicing is automatic and Reviewing and editing charge information.
You must invoice charges before they show on a company's ledger and before they can be paid. Security deposits do not become your liability until after you invoice them and the company pays them. For more information, see Previewing and generating an invoice.
Every charge you enter on the Charges screen is an individual order. You can view all of your orders using the Order Reports. For more information, see Order Reports overview.
NOTE: Depending on your assigned role and permissions, and the version of Kube your organization uses, some or all of these menus or services may not be available or displayed.
To add a security deposit charge
Select Receivables in the top menu and click Charges in the drop-down menu.
Click the Add button.
Complete the fields. For field descriptions, see the bottom of this article.
NOTES:
Confirm the Property before selecting a company.
The Charge Type field appears once you complete the Company field. After you select the charge type, the Amenity Details and Price Details sections appear.
There are slight differences between the Charge Detail screen you see for Contract, Amenity, and Custom Security Deposit types. For a Contract or Amenity Security Deposit type, you must select the contract or amenity that the security deposit will be linked to. For a Custom Security Deposit type, you only enter the security deposit amount.
Click Save.
New Charge - Top Section
Charge Type | Select Amenity, Credit, Security Deposit, or Custom. The fields that appear adjust accordingly based on this selection. |
Charge Date | Date charge occurred or was entered.
CAUTION: If you are future dating charges, Kube will not invoice those charges in the current auto-invoicing cycle if the charge date is after the date set in the Invoices scheduled task and the Do Not Consider Open Charges After This Date option is enabled. For more information, see Scheduled Tasks. |
Post Month | Accounting month in which charge posts.
CAUTION: Kube adds charges to the Open Charges screen on the charge date, but they post to your accounting software in the post month. If you future date a charge and do not future date the post month, the charge will post on the charge date, but it will post to the past post month, even if the post month is closed for accounting.
Yardi Voyager Accounting rebuilds your GL accounts should such a scenario occur, but only for the past six months. Any charge with a post month more than six months in the past will not reconcile correctly. If you use different accounting software, you must manually account for the past post month in such a scenario.
TIP: You can control whether an internal user has access to post charges or payments to past or future months, and if they have access, how many months they can post to. For more information, see Adding an internal user. |
New Charge - Security Deposit
Security Deposit Type | Type of security deposit: Contract, Amenity, or Custom. |
Charge Code | Defaults to the charge code set as the default for security deposits. For more information, see Default charge codes. |
Contract | Select one of the company's active contracts in this field. The Apply Deposit To field appears. |
Apply Deposit To | Select whether the security deposit should be tied to an Amenity or Space on the contract. Otherwise, select Custom.
NOTE: If an amenity or space has a preset security deposit amount, that amount automatically populates in the Security Deposit field. The amount can be modified as desired. |
Amenity or Space | This field adjusts based on the selection above. This field does not appear for the Custom selection.
NOTE: Only spaces and amenities on the active contract appear for this field. |
Security Deposit | Total security deposit amount. |