Forfeit Deposit

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This task will forfeit a tenant’s deposit and create a GL entry to move it out of your liability account into your Forfeit/Write-off deposit account.

How do you get here?

Household Detail Accounting Tab Deposit Tab highlight the deposit you want to forfeit in the Balance On Hand section Tasks Forfeit Deposit

To Forfeit a Deposit:

Enter the following information:
  1. Effective Date:  Enter the effective date of the forfeit event.  The system will pre-fill this field with the current date, however you may select any date prior by entering the date or selecting it from the drop-down calendar.

  2. Note: You may enter a note of explanation.  This field is optional.

  3. Check the box in the Forfeit column next to the deposit(s) to be forfeited.

  4. Click Finished.

An Overall Status window will pop up with a Passed or Failed message and display any GL entries that were created.

If it failed you may need to make a correction or contact Bostonpost Client Support at myMRI or contact a Client Support Analyst directly at (877) 579-8896 for assistance.

If it passed click Close.

Expected Result:

A Writeoff/Forfeit event will appear in Event History and the forfeited deposit will no longer appear in the On Hand section.

Frequently Asked Questions:

Q. Where do I assign the Writeoff/Forfeit GL accounts?

A. Charge Type Setup

Troubleshooting:

I forfeited the deposit but I need to apply it to outstanding A/R balances - how do I fix this?

Related Topics:

Prepare Deposit Refund

Reverse Selected Event

Apply Credits on the Deposits Tab

Household Moveout Accounting Activity