Refunding an applicant

Refunding an applicant covers a variety of guises and examples. These can range from:

  • Refunding money back to an applicant, i.e. refunding a holding deposit
  • Refunding an agency fee that the applicant has paid, i.e. the applicant has paid for tenancy agreement amendments 
  • Refunding an agency fee where you have processed the agency fee from your client account - where you have had an 'Insufficient Funds' warning flag when trying to process the refund

Prior to processing any refunds, you will need to ensure you've added bank account details to the applicant. 

 Note

You can only refund the applicant for monies you still hold. For example, the holding deposit funds must still be in the client account you are refunding from, or there must be enough agency fees available to allow a refund of administration fees   

This article includes: 

Add bank account details to an applicant

    1. Click Contacts on the main toolbar
    2. Select the relevant contact (applicant) from Recent & Favourite Contacts
      1. Alternatively, find the contact (applicant) using the Search Contacts bar in the top right
    3. Click Contact on the side menu
    4. Click the Bank Details top tab
    5. Click Add Bank Account
    6. Locate the applicant's bank in the list and click Select
    7. Click Confirm

    Alternatively, if the bank isn't listed, you can add a new bank account.

    1. Click Add Bank Account
    2. Click Add New
    3. Enter the relevant bank branch details and click Ok

      mceclip3.png

    4. When the details have been verified as correct, click Confirm
    5. Enter the bank details for the applicant and click Add

Refunding monies to an applicant

  1. Click Contacts on the main toolbar
  2. Select the relevant contact (applicant) from Recent & Favourite Contacts
    1. Alternatively, find the contact (applicant) using the Search Contacts bar in the top right
  3. Click Actions
  4. Within the dropdown menu, click Refund
  5. The Refunds For window opens
    1. Refund Date - Enter or edit the date for the refund
    2. Refund Type - In the dropdown menu, click on your preferred payment type for how you are going to pay the money back to the applicant
    3. Send Refund - Ensure this is ticked if it isn't already
    4. Refund from Client Account - In the dropdown menu, click on the bank account you are going to refund the money from
    5. Bank Reference - Add a reference if necessary
  6. Click Add Refund Item
  7. The Add Refund Item window opens
    1. Enter the Charge Date
    2. In the Charge Item dropdown menu, click the relevant Charge Item
    3. Edit the Description as required
    4. Enter the Net Amount. If Fees has been selected and you are VAT registered, VAT will automatically be added
  8. Click OK
  9. Click Update

A record of the refund is available to view in the applicants Timeline, you can click View to open it. It's also recorded from within Transactions on the side menu.

The transaction will also be in your relevant Client Account Reconciliation list so you are able to confirm the refunded money has been paid out of your client account.

Refunding agency fees to an applicant

  1. Click Contacts on the main toolbar
  2. Select the relevant contact (applicant) from Recent & Favourite Contacts
    1. Alternatively, find the contact (applicant) using the Search Contacts bar in the top right
  3. Click Actions
  4. Within the dropdown menu, click Refund
  5. The Refunds For window opens
    1. Refund Date - Enter or edit the date for the refund
    2. Refund Type - From the dropdown, you can select your preferred payment type for how you are going to pay the money back to the applicant
    3. Send Refund - Ensure this is ticked if it isn't already
    4. Refund from Client Account - Select which bank account you are going to refund the money from
    5. Bank Reference - Add a reference if necessary
  6. Click Add Refund Item
  7. The Add Refund Item window opens
    1. Enter the Charge Date
    2. In the Charge Item dropdown menu, click Fees, and then click Administration Fee
    3. Edit the Description as required
    4. Enter the Net Amount. If Fees has been selected and you are VAT registered, VAT will automatically be added
  8. Click OK
  9. Click Update to save

Once again, a record of the refund is available to view in the applicants Timeline, you can click View to open it. It's also recorded from within Transactions on the side menu.

The transaction will also be in your relevant Client Account Reconciliation list so you are able to confirm the refunded money has been paid out of your client account.

Refunding Administration fees that have been processed and paid out of your client account

In order to ensure that there are funds available to process a refund to the applicant for agency fees:

  1. Click Accounts on the main toolbar
  2. In the side menu, within the Bank Transactions section, click Process Agency Fees
  3. On the relevant client account that you will be paying the applicant from, ensure that there are agency fees available to process. (There must be agency fees available to process here in order to proceed with the refund. As such, you may have to process some rent payments to be able to process the refund)
  4. Click View on the relevant client account
  5. Next to Balance Carried Forward, click £0.00
  6. Enter the total amount of agency fees you wish to refund, and then click anywhere on the screen to ensure the amount entered will be saved. The Net payable figure will now be recalculated accordingly
  7. Click Update

    BCF.png
  8. Click Process Agency Fees to return to your Client Accounts. You will see the amount held in Total to Pay

AF.png

Once this has been completed, you can follow the relevant 'Refunding' steps above.

Was this article helpful?
0 out of 0 found this helpful