At the end of the Tenancy, you can make deductions from the deposit to pay a Landlord, a Contractor or retain it as agency fees if applicable, under the Tenant Fees Act 2019.
If the deposit money is registered with an insured deposit scheme and held in another bank account, these monies will first need to be transferred back in to your client account before they can be processed in your CFPwinMan.
The transfer is replicated in CFPwinMan to appear back on the Tenancy/Tenant Deposit Refund.
For more information on How do I transfer money between bank accounts, click here
There are 2 ways to make deductions from the deposit: From the Contractor Information or as a Tenancy Deposit Refund.
This article includes:
Raise invoice from the Contractor Information
- Double click Contractors from the side menu
- Search for the relevant Contractor using Search Text by Name, Code or Status
- Alternatively, find the Contractor using Additional Options from the dropdown menu
- If searching for an archived record in Only Search Listable Records, select No
- Or select a Branch if multi branch is set up on your CFPwinMan
- Select the Contractor
- Click Post tcy/tnt expense
- The Post Tenancy/Tenant Expense will display
- Click Locate next to Tenancy or Tenant if your deposit is registered on the individual Tenant record
- Date - Add todays date or that of the invoice
- Ref - The Contractors invoice number can be added which will appear on their remittance advice
- Item - Select a category from the dropdown menu
- Description - Type in the details of the invoice
- Amount - Add the amount of the deduction
- VAT - Add a breakdown of the invoice, if required
- Click either:
- Add to Deposit Refund to deduct at a later stage. It will show on the Tenancy Account
- Deduct from Deposit immediately to pay the Contractor straight away
- Click Yes to the warning message applicable to your selection
- Click Close
- In Contractor, Pay Contractor, you will see this transaction ready to pay in the Cash - Pay Cont, column, ready to update
- In Tenancy Information, Deposit, you will see the transaction entry to the Contractor as a deduction from the deposit
Raise invoices in Tenancy Deposit Refund
- Double click Tenancies from the side menu
- Search the relevant Tenancy using Search Text by Name, Code or Status
- Alternatively, find the Tenancy using Additional Options from the dropdown menu
- Or select a Branch if multi branch is set up on your CFPwinMan
- Select the Tenancy
- Click Deposit Refunds
- If you transfer funds from another account and you haven't yet moved the money, first click Transfer to move the money back to your client account so the Deposit Available shows the total Deposit held
For more information on How do I transfer money between bank accounts, click here - Ref - The Contractors invoice number can be added which will appear on their remittance advice
- Item - Select from any EXP code in the dropdown menu. These items all link to a Contractor selected at step 7 below
- Description - Type in the details of the invoice
- Amount - Add the amount of the deduction
- VAT - Add a breakdown of the invoice, if required
- CCODE - If your Item starts with EXP (e.g. EXP cleaning), you must select a Contractor whose invoice is to be paid. If you don't select a Contractor, the payment will be logged to an unknown Contractor and will not show on the Pay Contractor view
- If you transfer funds from another account and you haven't yet moved the money, first click Transfer to move the money back to your client account so the Deposit Available shows the total Deposit held
- Click View Outstanding Invoices to show all invoices outstanding on the Receipt screen
- Tick Deduct against those you want to include in the deposit deductions
- Click Return to deposit refund
- Click Scan/Attach Contractor Invoice if required
For more information on how to Scan and attach contractor invoices, click here - If you need to retain some deposit for a late invoice, reduce the figure in the Balance to refund by that sum of the expected charge. The retained money will remain in the Deposit Refund
- Click Preview to check and view your entries
- Send Options - Click the preferred option to send the Refund Note or untick to not send
- Click Update
Warning
You must select the corresponding Contractor in the column CCODE. If you don't select a Contractor, the payment will be logged to an unknown Contractor and will not show on the Pay Contractor view