Tutorial - Returning a Deposit (Check Out)

Monies held as a deposit can be returned to the Tenant or you may chose to retain some of the holding deposit to cover damage/maintenance costs.

1. Select the Check Out option which can be accessed by right-clicking from the Tenancies screen for a Contact or Property screen or from the Tenancy List screen button.
2. The Tenant Deposit Held field will show how much Deposit is being held. This transaction is generally held in the Tenant's Account screen under their Deposit Account. Complete the questions on screen and click Next.
3. For any deductions to be paid click Yes to 'Would you like to make any deductions from the Tenant's Deposit?'
   • From the Tenant to the Landlord, click the Add button against the Deductions to Pay to Landlord. Select a Product and enter the amount accordingly. This will be debited from the Tenant's Deposit and credited to the Company Account.
   • From the Landlord, click the Add button against the Deductions to Pay to Client Account Select a Product and enter the amount accordingly. This will be debited from the Landlord's account and credited to the Company Account.
   • Click Next
4. If you want to hold money back against the Tenant's Deposit Account e.g. in the case of a dispute at the question 'Would you like to retain an amount of the Deposit?' click Yes. Enter the amount in the 'What amount of the Deposit would you like to retain? field. Click Next.
5. The sum being returned to the Tenant will be shown in the Deposit to Return field, by default the this will be returned by Account Transfer but you can choose an alternative payment method from the 'How will you return the Deposit?' field.
6. The Deposit will come from the Deposit Account.
7. Optionally you can select Client Account, select this if your agency doesn't have a Deposit account. When selected any deductions from the Deposit will be made in the Client Account and paid for with unallocated Deposit transactions for the Tenant.
8. If there is any Rent outstanding the Checkout process will display an check box 'Use Deposit to Pay Arrears' which optionally can be used to pay off any Rent outstanding.
9. Click Save. If the Deposit was help in the Deposit Account an option will appear to produce a Deposit Account Statement for the Tenant.

Examples of Check Outs are available from the links below

Example:How to Check Out a Tenancy where the Deposit is held in the Deposit Account

Example:How to Check Out a Tenancy where the Deposit is held in the Custodial Account

Example: How to Check Out a Tenancy where the Deposit was Paid To Landlord

Example: How to Check Out a Tenancy where the Deposit is held in a Deposit Replacement scheme

Example: How to Check Out a Tenancy where the Deposit is held in the Client Account