Deposit refund - separate deposit account (UK only)
This guide has been reviewed against our global client base and classed as relevant to UK only
This article outlines the process for refunding a deposit when using a separate deposit account
If you are not using a separate deposit account, click here to use this guide instead
1. Access Manage Deposit screen From the tenancy:
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2. Tenant refunds screen A list of outstanding invoices and
| As the deposit is being held in an account separate to the client account, a transfer payment needs to be raised to move the money back to the client account The deposit must be cleared as ‘money in’ to the client account before the tenant repayment (or any supplementary payments) will be marked as cleared and available to pay from the BACS and Cheque Run screen See next steps for more information |
3. Deposit release transactions On tenancy transactions, 3 entries are created related to deposit release:
This is due to the deposit being held on a separate account - to make funds available for a refund, a transfer must first be made between the deposit account and the client account Funds can only be refunded via the client account, they cannot be refunded directly from the deposit account | |
4. BACS and Cheque Run On the BACS and Cheque Run - there are two transactions relating to the deposit refund:
This will show as un-cleared funds until money is transferred from the deposit account to the client account This must be cleared as money in to the client account before a refund can be made The BACS file can now be prepared and uploaded | |
7. Bank Reconciliation - both accounts In Bank Reconciliation, corresponding entries can be seen in the deposit and client bank accounts, as follows:
Deposit Bank Account Client Bank Account When these two entries are cleared in the bank accounts, they can then be reconciled and the deposit refunded | |
8. Import the deposit account bank statement From Bank Reconciliation:
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9. Reconcile
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10. Receipts from Statements In the Receipts from Statements routine:
Do not post this entry anywhere | |
11. Bank Reconciliation In Bank Reconciliation:
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