Processing a full deposit refund with the insured scheme

If you need to process a full deposit refund to a tenancy without any deductions, whose deposit is registered with an insured deposit scheme, you can do so.  

If your agency uses the insured deposit scheme, the deposit negotiations are processed on the schemes website before being processed in Alto. Once all parties agree upon a full refund, the agency can process the transfer to the tenant. 

There are two types of deposit schemes:

• Custodial deposit scheme - The deposit scheme holds deposit money during the tenancy
  For more information on Refunding a deposit less deductions for a custodial deposit scheme, click here
• Insured deposit scheme - The agency holds deposit money during the tenancy
  For more information on Refunding a deposit less deductions for an insured deposit scheme, click here 

This article includes: 

• Adding tenants bank details ready to refund
• Processing the deposit for an insured scheme
• Add Refund Item to make the deposit available

Adding tenants bank details ready to refund

If the tenant has provided you with their bank details, these can be added to their contact record before starting any of the transfer steps.
For more information on adding tenant bank details, click here

Processing the deposit for an insured scheme

You will need to make the transfer between your deposit account and client account in real time through your bank, before following the steps below.

1. Click Tenancies on the main toolbar
2. Select the relevant tenancy from Recent & Favourite Tenancies
   1.  Alternatively, find the tenancy using the Search Tenancies bar in the top right
3. Click Tenancy on the side menu
4. Click Actions
5. In the dropdown menu, click Deposit Bank Transfer 
6. The Transfer Deposit window opens
   1. Tenancy Deposit Held - This indicates the deposit amount paid by the tenants
   2. Transfer Date - This is the date which you transferred the tenant's deposit money from your deposit account, into your client account
   3. Transfer Amount - This indicates the total amount of deposit taken at the start of the tenancy
   4. Transfer out Bank Account - The agents deposit account where the deposit has been held
   5. Transfer in Bank Account - The client account into which the deposit is being transferred
   6. Bank References - References can be entered if required
7. Click Update

Add Refund Item to make the deposit available

Even though we have transferred the deposit into the client account, you now need to make the deposit available to process the refund. 

1. Click Actions
2. In the dropdown menu, click Refund 
3. The Refunds For This Tenancy window opens. Click Add Refund Item
   1. Charge Item - Click Deposit, and then tick Deposit from the list, to make the deposit available to use
   2. Net Amount - Enter the full amount of the deposit you transferred
4. Click OK

The Refunds For This Tenancy screen displays the deposit available.

1. Select a Refund Type from the dropdown menu
2. Tick Send Refund if you want to send a refund note 
3. Total To Refund will show the amount to go back to the tenant
4. Tick Refund Monies Held if you want to include a refund of any overpayments made during their tenancy
5. Click Update

A record of the payment is recorded in Accounts on the main toolbar, then Bank Reconciliation on the side menu. You can then View the Client Account.