The Tenant File handles one primary Property Management Bank Checking Account, plus 2 other Bank Accounts for Security Deposits and Escrow Deposits per installation.
The typical way that property managers handle their bank accounts centers around a primary property management operating account. This is the account where all of the rent income is posted, and where checks are written from. The checks would typically include checks to vendors for repairs and maintenance, owner payments, mortgage payments, and other expense items. The Tenant File has many time saving operations, and most of them post to the primary bank account. For example, when you are creating a bank deposit for rents received, it will go automatically to the primary account. Checks written to owners also go to this account by default.
We realize that one bank account is not always enough. Many managers do not want to mix their Security Deposit money with their Property Management Bank Account, and some states are required by law to have a separate account for the tenant security deposits. Other managers might have a separate 'trust account' where their income needs to be deposited. The Tenant File supports two extra bank accounts exactly for this purpose.
All three bank accounts have the ability to create deposits, checks, post bank charges and credits, and to reconcile to bank statements. Reports can be printed for any of the three bank accounts.
If you have many bank accounts to juggle, the Tenant File may not be for you. However, if you want to separate out a property, you can simply install the Tenant File into a separate folder for that. There is no extra cost involved. For example, you manage your own property with one bank account, and you also manage for a number of other owners. In this case, you might want to install the Tenant File once on your computer for the property management business and also create a separate installation for your own properties. This is easy to do in the Tenant File simply by installing the program twice, in two different folders on your computer. You will end up with a separate icon for each installation, and 'each' installation with have the three bank accounts - an operating account and two other accounts for security deposits, trust accounts or escrow accounts.