The steps below show you how to refund a full deposit to a Tenant, whose deposit is held with an insured deposit scheme.
Depending which deposit scheme the Tenants deposit was registered with, will depend on how you replicate the full refund to your Tenant. You first must identify which deposit scheme the Tenants deposit is registered with, this could be:
- An insured deposit scheme or;
- A custodial deposit scheme
A Deposit Refund must be carried out from the same Information record as it was registered, either:
- Tenancy Information or;
- Tenant Information
This article includes:
- Insured deposit scheme
- Custodial deposit scheme
- Add Tenants Bank Details
- Process the refund for an insured scheme
Insured deposit scheme
If you register your Tenants deposit with an insured deposit scheme and hold their deposit money in another bank account, you'll need to transfer it back into your main client account, before you can refund it.
For more information on How do I transfer money between bank accounts, click here
Custodial deposit scheme
If you register your Tenants deposit with a custodial deposit scheme, when the deposit is fully refunded to the Tenant, you'll need to replicate the transfer out on their Tenancy or Tenant Information record.
For more information on How do I transfer deposits out of the custodial scheme, click here
Add Tenants Bank Details
If you use the AutoBanking function, you will need to add the Tenants Bank Details on their Tenancy Information record.
- Double click Tenancies on the side menu
- Search for 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
- Click the Tenancy
- In the Tenancy Details tab, click Bank Details and complete all information
Process the refund for an insured scheme
- Double click Tenancies on the side menu
- Search for 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
- Click the Tenancy
- Click Refunds
- The Tenancy Refunds will display
- Type - Select Deposit Held from the dropdown menu
- Payment - Select Internet from the dropdown menu
- Description - Type a description
- Amount - Total deposit to be refunded
- Click Preview - Check the total on the Refund Note
- Send Option - Tick how you would like to send the Refund Note to your Tenant or untick if you don't want to send a Refund Note
- Click Update
The payment entry will appear on your Bank Reconciliation.
For more information on Bank Reconciliation, click here
A transfer of the amount will need to be made to the Tenant, from your online banking, the usual way.