If you need to process a full deposit refund to a tenancy without any deductions, and whose deposit is registered with a custodial deposit scheme, you can do so.
If your agency uses the custodial deposit scheme to hold tenancy deposit monies, 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 replicate the deposit refund from the scheme to the tenants, reducing their deposit to zero in Alto.
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
Replicate a deposit refunded by the scheme
Before you follow the steps below to replicate a refunded deposit, always ensure that all parties agree upon a FULL refund.
- Click Tenancy on the main toolbar
- Select the relevant tenancy from Recent & Favourite Tenancies
- Alternatively, find the tenancy using the Search Tenancies bar in the top right
- Click Tenancy on the side menu
- Click Actions
- In the dropdown menu, click Refund
- The Refunds For This Tenancy window opens. Click Add Refund Item
- Charge Item - Click Deposit, and then tick Deposit from the list, to make the deposit available to use
- Net Amount - Enter the full amount of the deposit held
- Click OK
The Refunds For This Tenancy screen displays the deposit amount being refunded direct to the tenant by the custodial scheme
- Select the Refund Type as Internet from the dropdown menu
- Untick Send Refund as you don't need to send a notification to the tenant
- Select the Refund from Client Account as the Deposit Account from the dropdown menu
- Total To Refund shows the full amount of deposit
- Click Update
A record of the transaction appears as a debit in your virtual deposit account. This can be viewed in Accounts on the main toolbar, then Bank Reconciliation on the side menu. You can then View the Deposit Account.