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 the bond/deposit was held by the Owner, please see the steps below to refund those funds to the tenancy.
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 Owner.
- 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
NOTE: In order to process the refund, the Owners Ledger must have available funds matching the amount to be refunded or transferred to the tenancy ledger.
In the event, the owner is sending funds to the Client/Trust Account to top-up their Ledger, first set-up an income invoice using a suitable chart of account, such as 'Contributions from the Owner' or similar.
Funds will be moved from the Owner's Ledger to the Bonds/Deposits Ledger or the Tenancy Ledger depending on the option chosen when processing the bond refund.
If the tenant is receiving a refund, update the Tenancy Invoice Contact with payment details, and then process a Disbursement using a profile that includes Bonds/Deposits. The Bonds/Deposits to be refunded show in the orange text on the same page as bonds to be lodged.