Those located in Asia-Pacific will use the term Bonds, where customers located in Europe will use the term Deposits. For more information on regional terminology, refer to this article or contact support.
Before processing the refund of the bond, please ensure that there is a Tenancy Ledger set-up and assigned to the tenant. If no Tenancy Ledger is found for the tenancy, you will first need to set this up following the instructions below.
- Go to Client/Trust Accounts main page.
- Clicking into Tenancy Ledger Balance.
- Clicking on the down arrow next to New Owners Ledger.
- Searching for the Tenancy Name.
- Click Save
If you wish to refund a Bond/Deposit from the tenancy that has been held by a 3rd party (e.g. Bond Authority or Interest Bearing Account), please follow the below steps.
Select the relevant tenancy & Bonds/Deposits from the left-hand menu & then select Prepare to Refund using the ellipse.
- Details of all invoices outstanding for the tenancy
- Confirm the Amount to Refund to Tenant directly by the 3rd party.
- Tick the checkbox Bond Authority has sent funds directly to Tenant, in the event funds are not returned to the Client/Trust Account.
- Enter the Amount to Transfer to Owner, if applicable. Please note, if there are outstanding invoices, do not select the amount here. ** Please refer to Step 4.
- Enter the Amount to Transfer to Tenancy Ledger in order to pay for the outstanding invoices or to be refunded to the tenant at a later date.
- Select Continue
An income invoice will be raised for the amount which will be received in to the Client/Trust Account. Save and Approve it to proceed with processing the refund.
Once funds are reconciled to the Bond Refund Income Invoice:
- Tenant refund portion will be available to disburse, update the Tenancy Invoice Contact with payment details, and then process a disbursement using a profile that includes bonds. The refunds will show on the same page as bonds to be lodged, the text will be orange instead of black so you can tell them apart.
- The transfer to the owner portion will be transferred to the property ledger from the bonds ledger. It will show in the Transfers section of the owner statement.
- The transfer to tenancy ledger portion will be transferred to the tenancy ledger from the bonds ledger. View the tenancy ledger for options to apply these funds to invoices or refund.