How to Refund a Tenant Deposit
The process below describes the steps to withdraw a Tenant deposit from the Investment Account and to refund the deposit to the Tenant.
- Navigate to the Accounts Dashboard
- Search for the Tenant account for which you wish to withdraw the deposit
- View the account
- Activate the Tenant Deposit Account from the Advanced filter (see below)
- Scroll down to the bottom of the page to view the Tenant Deposit Account
- From Options on the top right select Withdraw Deposit
- When withdrawing the FULL deposit, select Capitalize Interest, otherwise you may Skip this step
- Click on Withdraw to confirm
- The funds will be transferred directly to the Tenant Wallet and will be available within 24 - 48 hours
- Obtain the Tenant's bank account details and create a Beneficiary ( Make sure that the Beneficiary has been Approved)
- On the Tenant Account, bill any amounts that the Tenant is liable for, i.e. Cleaning, Maintenance, etc. Related article: How to load a once-off invoice
- Once the funds have been received in the Tenant Wallet, navigate to Payment Allocations and click on Allocations on the right hand side.
- Allocate funds to any outstanding amounts due by the Tenant manually by using the MoneyNote icon next to the category balances or clicking "Suggest Payments"
- To refund the balance of the deposit to the Tenant, click on Options on the top right and select Refund Tenant
- Complete the form by searching for the Tenant Beneficiary and then click on Create
- Click on Submit All
- Navigate to Payments -> Payment Approvals
- Click on the Green Pay button to Approve the payments