How to Process A Bond Refund

If some or all of the Bond is being refunded to your company, it is vitally important that it is recorded the correct way in Palace.

  • The refund is commonly for Rent Arrears and cleaning etc.
  • Rent arrears are just receipted as Rent so receipt that part as normal.
  • If the refund is for a cleaning invoice, you need to receipt against Tenant Other. (Remember: If you are receipting into Tenant Other, then you need to create a Tenant Debit First)
  • If you had created a work order for the job and then put the invoice in as charge to tenant, the system would have automatically created a tenant debit. See the Maintenance Help File for more information on this.
  • Alternatively you can receipt the money directly into the property (Owner) account as a reimbursement

Please Note: This is fine to do but you will not have any record next to the tenant.

The instructions for both are below

Creating a Tenant Debit (Invoice) and Receipting payment

There are times when you need to invoice a tenant for something they owe i.e Water rates, broken window etc.

This is an internal transaction and does not affect your reconciliation.

When the tenant pays the invoice, you have a choice of where the money (once paid) will go. It can go to the Owner, to reimburse an account they have already paid for, (Quite often used for Bond Refunds) or it can go directly into one of your company ledgers, to reimburse your company. i.e a Fixed Term Lease Break Fee.

You can choose to track each invoice that you have created, this allows you to receipt against an individual invoice. There is also a Report that will allow you to keep a record of.

Right click of the tenant: Reports - Other Amounts Owing. This will shows you both debits and credits. (Invoices and Payments)

  • Go to Transactions, click on the drop down arrow on the left hand side
  • Select - Charge Tenant Debit - Click on the >
  • Find the required tenant
  • Select the expense e Cleaning
  • Enter in the amount
  • Select whether you want this invoice to be email or printed or untick both if it is just for your records only
  • Track Charge: If this is ticked it will allow you to receipt the tenant money against this invoice specifically
  • Write comments if needed i.e "To be reimbursed from Bond" and click OK
  • Then in the transaction screen click Process
  • This has now created an "Invoice" against the tenant, waiting for money to be receipted against.
  •  

    Once you have the money – go to Receipt Tenant Other

Receipting - Tenant Other

  • Go to transactions - click on the drop down arrow on the left hand side
  • Select Receipt - Tenant Other
  • Click on the >

  • Find the tenant required
  • If you are tracking invoices, then you will need to select the invoice that you want to put this money against. (If you are not tracking then this field will be grayed out)
    NOTE: You must have an Invoice entered if you are receipting into a FEE Ledger
  • Enter in the amount you are paying
  • Apply to: Normally the money from the tenant is reimbursing the owner for an expense that they have already covered so the money needs to go back to the owner, however sometimes you might be receiving the money directly to the company (nothing to do with the owner), if this is the case, then change the Owner Account to Ledger by clicking on the down arrow.
    Note: you now have the choice of a Fee Ledger or a Bond Ledger.
    If the money is going to the company to be part of the company invoice then select the Fee Ledger.
    If it is just holding until an invoice comes in for the Owner then choose Bond Ledger.
  • Select the ledger you want the money to do to (not applicable if money going to Owner)
  • You have a choice to charge a commission here (Remember this comes of the Owner and if the Owner has already paid this expense then you have probably already charged a commission)
  • Check that the payment method is correct i.e Direct or Cash
  • Add a comment if necessary
  • Click OK
  • Then click Process

Note: The Tenant Other Amounts Owing Report (On a right click of a tenant) will show the original Tenant Debit and then the receipt, giving a total amount

 

Instructions - Receipting Directly to an Owner (if not entering in a Charge Tenant Debit)

  • Go to Transactions
  • Click on drop down arrow left hand side
  • Click on Receipt - Owner
  • Click on the green arrow
  • Find the Property
  • Enter in the amount
  • Put in the ref and the comments area what the money is for i.e Reimbursement from Tenant for .....
  • Click OK
  • Click Process

Note: There is no fees charged in this function

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