Property Vista has the ability to allow for deposits to be automatically topped up alongside renewals and increases. This article will be explaining how the deposit top up works and how it will look in your system (Please note deposit numbers are purely for illustration purposes).
In order to see how to set up the Lease Lifecycle policy and deposit top up, please click HERE
Once you have set up your Lease Lifecycle, you will need to set up the Interest Rate that you wish to be applied to your deposit.
Administration --> Policies --> Finance --> Deposits
As the deposit top up is designed to be a top up of the percentage increase, it is likely advisable that the interest rate chart is the same as the increase percentage.
Once this policy is set, the deposits in your leases will begin to accumulate interest automatically from that point;
When the increase in the system happens the deposit amount will increase accordingly to your percentage increase settings;
The accumulated interest is released and applied to the tenants Residential Rent which in turn means the tenant will be required to make a payment to the increase on the deposit.
As you can see below, the deposit becomes billed and once the increase is paid, it will revert back to 'paid';
If you have leases in the system that were originally entered into Property Vista as 'current leases' as they started before joining Property Vista, you can set up the interest amount that may have already accumulated within the deposit;
It may be advisable to enter the last date the interest would have been zero, and put $0.00 in the initial interest box but it is flexible. Once you enter this, the deposit interest will accumulate accordingly and it can also be edited if required.