- In Property Management, from the Setup menu, select Properties and select the property from the list.
- Select the General tab, Controls tab.
- In the Bank Accounts section, select the Operating bank for this property.
- Change the Deposit Interest and Deposit Refund selections if needed. This determines which bank account is used when paying deposit interest or refunding a deposit.
- If you do not pay interest on deposits, select Operating Bank Account for the Deposit Interest bank account. If you do not refund deposits, select Operating Bank Account for the Deposit Refund bank account.
- Select the Deposits tab.
- Scroll to the right to the Deposit Bank Account. Change this bank account for each deposit type as needed. This is the bank account to receive security deposit payments for the deposit type.
- Click Close when finished.
Tip: The bank accounts available to select in Property Management are selected to be used by Property Management in Cash Management Setup, Bank Accounts, GL Cash Accounts tab.
Note: If security deposits are received under one bank account, and you change the deposit refund bank and/or deposit interest bank to use the new bank account, when the refund is entered or deposit interest is paid, it will use the bank account currently assigned on the property. It will not use the original bank account. You may need to transfer the deposit funds from the old bank to the new bank in Cash Management. |