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Setting Up Secondary Operating Accounts for Security Deposits

Set up and manage multiple operating accounts for rent and security deposits.

Dylan Telson avatar
Written by Dylan Telson
Updated over 3 months ago

Managing Operating Accounts

You can manage multiple operating accounts to organize your financial transactions effectively. This is useful for separating funds like Rent and Security Deposits into dedicated bank accounts.

Example Scenario:

  • Main Operating Account: Rent

  • Additional Operating Account: Security Deposits

Setting Up Additional Operating Accounts at the Company Level:

  1. Go to Accounting > Companies.

  2. Select the desired company and navigate to the Company tab.

  3. Scroll down to the Operating Accounts section.

  4. Click Add Account.

  5. Select the specific item (e.g., Security Deposit) and save.

Editing Operating Accounts:

  • Once added, expand the section for the specific item (e.g., Security Deposit) and click the pencil icon.

  • Choose the correct bank account for the item and save.

Now, any invoices created for Security Deposit will automatically deposit payments into this dedicated bank account, while all other transactions continue to use the default main operating account.

Setting Up Property-Level Overrides:

For owners managing multiple properties with different bank account requirements:

  1. Go to Properties.

  2. Select the specific property on the left.

  3. Navigate to the Property tab.

  4. Scroll to Operating Accounts.

    • By default, this mirrors your Company-level settings.

    • To override, click the pencil icon next to the account.

  5. Select the appropriate bank account and save.

To add or remove additional overrides:

  • Click the three-dot menu (•••) at the top right.

  • Choose "Add Operating Account" or "Delete Operating Account" as needed.

These settings ensure each property’s transactions flow into the correct accounts, simplifying your financial management.

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