Unable to Return the Partial Security Deposit of a Tenant
When you set up a tenant and enter a security deposit for the tenant and then you return the security deposit amount less than the total security deposit, Quicken deducts in whole the total security deposit amount from the transaction register of the Security Deposit Liability account.
A security deposit is a payment required by a landlord to ensure that a tenant pays rent on time and keeps the rental unit in a good condition. If the tenant damages the property or leaves owing rent, the landlord can use the security deposit to cover what the tenant owes.
The landlord may not return the total amount to the tenant if
- Rent is owed
- The rental property is damaged beyond normal wear and tear
- The security deposit is used to pay the last month’s rent
If the landlord pays part (or all) of the security deposit back to the tenant, Quicken removes the liability amount in whole, freeing up the total to be used as necessary for the user. The liability is no longer considered a liability.