Case Study - Refunding a Tenant Deposit
To refund a Tenant Deposit you need to follow the following steps:
Step 1 - Bill costs to be recovered
In the example above the following costs will be recovered:
- Maintenance - R 800
- Pro-rata Rent - R 1800
- Exit Inspection Fee - R 350
Step 2 - Transfer Tenant Deposit to Trust Account
- The Tenant Deposit balance in this example is R 15 269.23 (See Deposit Balance on Account Summary)
- Do a manual Transfer or EFT to transfer R 15 269.23 from the Investment Account to the Trust Account
Step 3 - Import the Investment Transaction onto the Bank Credit panel
- On the Banking Dashboard import the Trust Account Bank Statement containing the Deposit credit that was transfered from the Investment Account to the Trust Account
- Ensure that the Origin is showing From Invest Acc in red as shown above and that the transaction is mapped to the correct Lease.
- Click on the Process Transactions button.
Step 4 - Process the Deposit Payment splits
- On the Allocations Dashboard do the Allocation Splits to distribute the Deposit as shown above using the Custom Allocation Features.
- Ensure that the From Deposit flags are set to Yes for all Payment Splits.
- Ensure that the From Rent flags are set to Yes for all Payment Splits that is made from the Rent. In the example above that would be the Commission balance that is taken from the Rent as well as the Rent Balance that is allocated to the landlord.
- Click on the Submit button to submit the allocation for approval.
- On the Payment Approval dashboard, review, approve and submit the Payment Splits.
- On the Bank Payment Schedule, export the Bulk Payment file that contains the Bank Payments.
- Upload the Bulk Payment file to your banking portal and make the payments.
- On the Bank Payment Schedule, mark the payments as PAID. Note that Payments marked as Paid are processed every hour and should reflect on the Accounts Dashboard within plus/minus 2 hours.
Step 5 - Review Tenant Account
- Navigate to the Tenant Account on the Accounts Dashboard
- Note that the Recovery Transactions are now showing on the Tenant Account.
Step 6 - Review Tenant Deposit Account
- Navigate to the Tenant Deposit Account from the Accounts Dashboard
- Note that the Recovery Transactions are now showing on the Tenant Deposit Account.
- Note that the Tenant refund transaction also shows on the Tenant Deposit Account.
Step 7 - Send a Deposit Statement to the Tenant
- From the Communications Drop down menu select the Email Tenant option
- Use the Attach Tenant Statement and Attach Deposit Statement features to attach the Latest Tenant Statement and Tenant Deposit Statement.
- Open the Deposit Attachment on the draft Email and review for correctness (See example of PDF Statement below).
- Click on the Send button to send the Email.