How to refund from a Bond Other Ledger

Anything receipted in Bond Other must be refunded at the completion of the booking, otherwise the tenant will always look as if they are holding money. The example below refers to Holiday Deposits but the instructions are the same for any Bond Other Ledger.

When the security deposit was receipted it is held in a ledger called Holiday Deposits. It stays here until it is either refunded to the tenant or used to pay for damages. If you do not charge a security deposit, but you do request half of the total money to be paid prior to the booking, then you can receipt this money into Holiday Deposits and then refund it out and put it against rent or sundries once the booking has taken place.

Below we have covered refunding to a tenant. There is a section on paying for damages etc and this will cover refunding the security deposit to cover damages.

Example: In the example below, we are refunding a $1,000 security bond to Donald Duck

  • Click on Transactions - Click on the drop down arrow (Lefthand side)
  • Select Refund - Bond Other - Click on >
  • Find the tenant

  • Double check the date and change accordingly
  • Select "Holiday Deposits" from the drop down menu next to Ledger (or whatever you have named the ledger holding this money)
  • Enter in the amount $1,000
  • Check the payments column to make sure the payment type is correct (It defaults to cheque)
  • Click OK when finished
  • Now you are in Transactions, click process
  • Say OK to printing as this will print the remittance that you can mail to this tenant.
  • If you had a bank account number entered against the tenant in the tenant edit screen, then click on Online
  • The tenant payment and bank details will show in this screen, click on generate, save the file and name it.
  • This has now created the CSV file that you can send up to the bank to pay the tenant.

Note: This transactions will now show in your reconciliation area under unpresented area. If the money is being used for damages or rent, you now need to do that transaction so that an opposite transaction appears in your reconciliation. e.g Receipt into a ledger or against an Owner. Remember you need payment and receipt.

 

 

 

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