One simple, but very useful feature built right into the core of every MDS system that you may not be aware of is called Find Tenant’s Deposit. While you aren’t likely to need it often, it will save you tons of time when you do. Let’s discuss how this feature can come in handy at a critical moment: When a deposit goes missing and you have a tenant on the phone.
Imagine this scenario: A tenant calls your office and says,
“You cashed my check, but it’s not reflected on my record. Even though I sent you $500, you still say I owe you $500. I have a copy of the canceled check right here. You did, in fact, deposit this into your bank account.”
Oh no. Where did that check go?
You know you deposited the check. There’s no argument with your tenant on that. While any number of things are possible, the most likely scenario is that your team accidentally applied the check to the wrong tenant’s account. It happens in high volume environments.
While you won’t yet know for certain what happened to this check, you do know it makes sense to start with the most likely scenario. You know you need to find that check if it passed through your system. Now.
Find Tenant’s Deposit Is The Search Tool That Saves The Day
At this moment, you need a search tool that can efficiently comb through the thousands of payments that are constantly flowing into your office. Enter the Find Tenant’s Deposit feature to do just that.
In Find Tenant’s Deposit, you might start your search query by typing:
“Find every $500 deposit received between Date A and Date B.”
If you have the check number, you can also include that in your query. This means you can quickly identify all the instances of that check posted to the system within that time period and to easily identify how they were applied- right or wrong.
Sure enough, the check was applied to a different tenant in the same building. Or, even worse, it could have been applied to a tenant in a completely different building and the money is now sitting in the wrong bank account. Speed in figuring these things out really counts- especially at the end of the month when you are finalizing your management reports going out to your stakeholders.
With this feature, you’ve now identified the exact payment that was applied improperly within a few prompts. All you have to do is remove it from the wrong tenant’s account and place it into the proper tenant’s account. In virtually no time, you’ve avoided endless searches and the frustration of looking for a needle in a haystack. Or worse, sending out management statements including this error.
If a deposit goes missing, landlords like you need answers for your tenants who just can’t wait. And once you utilize Find Tenant’s Deposit in the MDS system, you’ll save some serious time while preserving the relationships with your tenants and outside stakeholders.
To access this feature, simply click Other Tasks> Find Tenant’s Deposit. Or, ask anyone on the Support Team to show you how it works and they’d be happy to get you started.
Talk to MDS about how these essential features make ours the premier system built for New York property management. Call us at 888.325.8307 or email email@example.com today.