Transactions - Refunds and how they are used

The transaction area gives you four types of Refunds

 

Refund Bond - This transaction is only used if the Bond has not 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 to refund money held for the tenant, i.e pre water receipts
You must check the Bond Other details report to see how much you are holding for them.
This amount must be showing in the 'Bond Other column' of that report.
Make sure you select the correct ledger that the bond other was receipted to.

Note: When the money is refunded, you can either pay to direct to the tenant, or receipt it back in as rent or whatever it was for.

Refund Rent – This is to be used when you are refunding overpaid rent that had been receipted in and kept back against the Property.
Please ensure that the figures have been checked correctly, that the end date is correct before proceeding with the refund.

Use the Tenant Overdue Report to find out the correct information.

Refund Tenancy Invoice - Any money that has been receipted in using Receipt Tenant Invoice can be refunded out this way. If the tenant has overpaid an invoice and has a credit you can refund it this way.

Make sure you have checked where the money is and that the owner (if the money already went to the owner) has enough funds. If the money is held in an Holding ledger, the balance will show so that you know what you can refund.

Refund Rent Overpaid (This will only show depending on system settings) If you have the setting turned on to save all overpaid rent into a holding ledger, then this is the transaction you will use to refund it. (Remember to add the tenant bank account first)  The amount will show, so if nothing shows it means there is no refund due.

 

 

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