Pre-authorized debits (PAD) allows you to record deposits against outstanding receivables for any residential rent, commercial rent and condo fees for tenants that have a payment method of PAD. This should be used for any tenants or owners that have funds automatically collected with a pre-authorized debit from the bank.
To add a preferred payment method and PAD amount to tenant or owner information:
Click on Tenant or Owner from the left menu bar
Search for the individual you need to update and click on their name
Click financials
Click on the edit icon next to the unit's financial obligation to enter the preferred payment method and the PAD amount. This information can also be recorded when entering a new lease.
To create the batch for all PAD deposits:
From the Task page click on Pre-authorized debit
Select which properties you wish to create the deposits for
Enter the posting date
Select if you want to record PAD deposit for Tenants or Owners
Click create
Review and adjust the amounts if needed. If there are no receivables outstanding for that resident a credit receivable will be created
Click Post Pre-authorized debit (PAD) to record the deposits collected against outstanding receivables