The transaction area gives you four types of Refunds
Refund Bond - This transaction is only used if the Bond has not yet been sent to the Bond Centre. For example the Tenant has paid the Bond but now cannot take the property. You can use this transaction. IT IS NOT TO BE USED IF THE BOND HAS ALREADY BEEN SENT TO THE BOND CENTRE.
Refund Bond Other: This transaction is used if money has been receipted using Receipt Bond Other (can be used for Water Rates or Holiday Management), You can get the money out of the Bond "Holding" Ledger by using this transaction. See the Charge Tenant Debit help file for more information.
Refund Tenant Other - This transaction is only used if your tenant is vacating and has money owing back to them. Or If you require to reimburse a Tenant money owing to them. (other steps before this happens to make sure money is in account to refund out)
Refund Letting Fee: This transaction is used to pay back a tenants letting fee. For example the tenant may have paid the letting fee but now cannot take the property, you can reimburse them the fee using this transaction.
Refund Rent - See below
Processing A Tenant Refund Rent:
If the tenant has overpaid their rent then they will be due a refund. You can check for Tenant Refunds through Tenant Reports. This report should be run prior to month end.
Before processing the tenant refund, enter the tenants bank account details in the tenant Edit screen. This will allow you to do a Generate File to upload to the bank
- Go to Transactions - Click on the left hand drop down arrow
- Click on Refund - Rent
- Click on the green arrow
- Find the tenant
- Check the amount, you can change to less but you can never change to MORE.
- Once finished click on OK
- Then click Process
- Then click on Online File
- The tenant should be sitting there (Only if you had a bank account)
- Then click on generate and save the file to your desktop
- Close out
- Remember to upload the file to the bank
- You can now go back to the tenant and archive them.
Refund of Bond – From the Bond Centre
Sometimes when a tenant leaves a property, you do not give the whole bond back to the tenant, this could be because of rent arrears or maintenance of property that they have to pay for.
The Bond Centre will then send the portion of the Bond or the whole bond back to you. This needs to be receipted back into Palace.
If the money is to pay rent arrears, receipt the money as rent the same way you would normally do a rent receipt.
If the money is to pay for maintenance or other expenses you need to receipt into Receipt – Tenant Other. (You will need to create a Charge Tenant Debit first so that you have an invoice to pay the debt against)