Deposits and interest
The deposit is receipted when it arrives, earns interest from that day, and is accounted for on its own statement — deductions, repayment and all — so the end of the tenancy is a document, not an argument.
Receipted, then earning
Record the deposit as it arrives and it earns interest from that day, at your rate or the bank's. The interest statement goes out every year, and whenever you send it.
Deductions and the refund
Repair deductions come from the repair register, other deductions with a reason, the repayment when it is paid — and the deposit statement shows the arithmetic.
Where the money is
Mastendi never holds a deposit. It records what you hold and what it has earned, for a landlord's own account or an agency's trust account.
Questions
Does the deposit have to earn interest?
Under the Rental Housing Act the interest on a deposit belongs to the tenant. Mastendi works it out and puts it on the deposit statement.
Can I use the bank's actual interest rather than an estimate?
Yes. Record what the deposit account earned and the tenants are credited accordingly.
Does Mastendi hold the deposit?
No. Mastendi records deposits; it never holds, moves or pays out money.
Read on
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