Within the lease, you have the ability to create a refund of monies to your tenants. A refund is specifically used to return money to the tenant or reflect money going out of your bank to pay to the tenant. This is different from a credit or money off the rent charge.
STEP 1: Navigate to Tenants & Leases → Leases → Select into the applicable lease
STEP 2: Select the Refunds Tab → Select +New Refund Request
STEP 2: You will be taken to a new page to input the refund information → select SAVE
| Amount | Indicate the amount of the refund |
| Target Code | Select Full Balance (This will populate the amount of credit on the lease in the amount section automatically) Select No AR Code (This will not link the refund to any AR codes) |
| Reason Code |
Select the relevant reason for the refund:
|
| Lease Participant | Select the tenant you will be issuing the refund to. |
| Description | Add any additional description to the refund as needed. |
STEP 3: Select Actions → Submit (You may also cancel the refund request at this time)
** Note- you have the ability to split your users permissions here. First you need to Submit the request for the refund and then you need to approve. Therefore you are able to have some colleagues who can submit but someone else in your organization who should be at the approval level.
STEP 4: Once you submit you will notice a link appear under the 'refund payment' section which you will need to select:
This page may also be accessed by Navigating to Finance → Refunds → Select the Refund:
STEP 5: Select Actions → Approve (You may also cancel the refund request at this time)
STEP 6: Once Approved you can select Actions → You will be given the following options:
| Complete | This is the last step in the refund process, you should NOT complete the refund until you have confirmation that the funds have left your bank account & been deposited to the tenants account. |
| Cancel | If you no longer need the refund you can cancel it |
| Print Cheque | You have the ability to generate a cheque within our system for a refund. |
** Once you select 'Complete' it will confirm your action and request you choose the method by which it was refunded (again this will refer to how it was refunded externally unless you did print a cheque from the system) - Once you complete a refund you can no longer cancel it**
Once you have completed the above listed steps the refund will be noted on the lease summary as a charge to offset the credit we have refunded:
PLEASE NOTE FOR ACCOUNTING
From an accounting perspective the two stages of a refund do slightly different things;
1- When you create the new refund on the lease it will touch AR and Liability
2- When you Complete the refund it will create a refund payable transaction and therefore it will touch Liability and the the Bank.