Security Deposit total

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Security Deposit total
May 9, 2012, by Pine Hollow Lodging

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Hi Again,
The security deposit is defined in the property screen as 100%, that is 100% of the rental. But then when processing a booking, the deposit total includes tax.
? thanks, jason

6 Responses:

Cindy Amato, May 9, 2012:

Hi Jason, it's labeled in the Property Setup page as Percent of Total, where did you see it as percent of rent? Wherever that was, we need to change that because it is indeed based on the absolute total of the booking, including taxes.

Do you prefer it to be based on the Net Rent?

John

Pine Hollow Lodging, May 9, 2012:

You're right. it was likely percent of the total; which would include the tax. For us it needs to be percent of the NET (before tax). It is our understanding that deposits are exempt from tax in NY.

John Amato, May 10, 2012:

I see. We will need to make a software change to support that. It should be something we can squeeze in next week.

John Amato, May 10, 2012:

Wait, what if you defined it as a percent that is just 100% less the taxes? For example, if your total taxes are 12%, then make the security deposit 88%. Would that work?

John

Pine Hollow Lodging, May 10, 2012:

seems logical but for some reason it didn't work.

Tax is 8%, so I set the deposit at 92%

On a rental of 550.00 plus 44.00 tax the deposit field came up blank

When I added a 50.00 guest option the Total became 648.00 but the deposit field read 546.48 The deposit should be 600.00.

I have some other questions. Should I post them here or email them to you. I emailed you a couple of days ago (Subject: "Kudos, questions, and suggestions") but didn't hear back.
Jason

John Amato, May 10, 2012:

There's a bunch of things going on there - for one, it looks like you don't have any rates defined, so it's coming up empty (0.00). But I noticed that when you enter a custom rent figure, it doesn't update the security deposit amount. That's something we need to enhance. But if you have rates defined, then when you create a booking, it pre-populates all amounts - including the SD.

I'm not sure how it came up with the 546.48 number, but it did that to me too, so we are looking into it.

But the bottom line is that if you need the security deposit to be exactly the net rent, then we're not going to be able to use the percentage trick anyway. The percent method will only take the total and multiply it times the 92 percent, and this is only going to approximate it (if it had done this properly, this would have come up with $596.16 - a bit less than the $600.)

Does the SD need to be exactly the net rent figure, or is an approximation workable?

John

PS - we are still investigating that email you sent to us Tuesday, we should reply tomorrow...

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