Security deposit tracking and settlement

A security deposit is held for the whole tenancy and settled at the end of it, often months or years later. Crestlet keeps its account from the day it is received to the day it is settled, with the reason for every deduction, and shows the tenant the same record.

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From receipt to refund

  1. The lease sets how much deposit the tenant pays.
  2. Record it as received, with the date, when the money arrives.
  3. At move-out, add each deduction with the amount and the reason, such as cleaning or a broken fitting.
  4. Record the refund of what is left, and the deposit is settled.

A deposit in practice

Say a lease sets a deposit of 2,400, and the tenant pays it when they move in.

  1. You record 2,400 as received, with the date it arrived.
  2. A year later the tenant moves out. The oven needs a deep clean, so you deduct 180 for cleaning, with that reason and the invoice behind it.
  3. You refund the remaining 2,220, and the deposit is settled.
  4. The tenant has seen the same figures, line by line, at every step.

Why keep it this way

  • No surprises at move-out

    The amount held is on record from the first day, for both of you.

  • Every deduction explained

    A deduction without a reason is the start of a dispute. Each one here carries its own.

  • Settled in one place

    The deposit sits on the same record as the lease and its invoices, so nothing is looked up twice.

Questions

Does Crestlet hold the deposit?
No. The money stays wherever you keep it, or in a protection scheme where the law requires one. Crestlet keeps the record of it.
Does it check that a deduction is allowed?
No. What a landlord may keep differs from country to country. Our guide to security deposit deductions explains the usual rules and links to the law in several places.
Can the tenant see the deductions?
Yes. The tenant sees the amount received, each deduction with its reason, and what was refunded.
What if the amount received differs from the lease?
Record what actually arrived. The lease keeps what was agreed, and the deposit keeps what was received.
Can I refund it in instalments?
Yes. A refund of less than what is held leaves the deposit open until the rest is refunded.
What kinds of deduction can I record?
Painting, repairs, damage, cleaning, unpaid rent, unpaid utilities or anything else, each with its amount and the reason the tenant reads.

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