Dashboard - deposits to be refunded

The steps below outline how you can view and refund outstanding deposits that are to be refunded from the Property Management Dashboard, i.e. where the return of the deposit on vacated or cancelled tenancies is pending.

The Deposits To Be Refunded widget on the Property Management Dashboard will show the number of tenancies with outstanding deposits to be refunded.

There are two types of deposit schemes:

  • Custodial deposit scheme - The deposit scheme holds deposit money during the tenancy
  • Insured deposit scheme - The agency holds deposit money during the tenancy

A deposit refund must be processed on the appropriate scheme's website first. Once all parties agree to the amount to be refunded, you can replicate the refund of the deposit from the scheme to the tenant(s) reducing their deposit to zero in Alto.

If you use Alto's TDS Upload facility, click here to refer to the TDS upload user guide.

 Warning

Before you follow the steps below to refund a deposit, you MUST first ensure that all parties agree upon the refund

 Note

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

This article includes:

Please follow the appropriate procedure depending upon which deposit scheme is used and whether there are agreed deductions to be taken from the deposit.

Refund a custodial deposit in full

  1. Click the Home screen tab on the main toolbar
  2. Click Property Management Dashboard on the Home screen side menu
  3. Scroll down to view the Deposits To Be Refunded widget. To see the list of deposits, click the displayed number of Deposits To Be Refunded
  4. The Deposits To Be Refunded window opens. Click the row that you wish to amend
  5. The Deposit Refund window opens. Click Add Refund Item
  6. In the Charge Item dropdown menu, click Deposit, then click Deposit again
  7. Enter the agreed Net Amount
  8. Click OK

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  9. In the Deposit Refund window, in the Refund Type dropdown menu, click the relevant option as per the means you will use to return the monies
  10. Tick Send Refund if you want to send a refund note to the tenant
  11. In the Refund from Client Account dropdown menu, click the relevant deposit schemes account
  12. The Total To Refund should show the amount to be returned. Click Update

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Once the deposit has been refunded, it'll no longer show in the dashboard. A record of the transaction appears as a debit in your virtual deposit account. You can view this if you click Accounts on the main toolbarBank Reconciliation on the side menu, and then click View under your deposit account.

Refund an insured deposit in full

Before you can refund the deposit, the funds need to be transferred from your deposit account into your client account. To do this:

  1. Click Tenancy 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 Actions
  4. In the dropdown menu, click Deposit Bank Transfer
  5. The Transfer Deposit window opens. Check the details shown:
    1. Tenancy Deposit Held indicates the total deposit amount that was held in the account
    2. Transfer Date is when you transferred the funds from your deposit account into your client account
    3. Transfer Amount is the amount of deposit that was transferred
    4. Transfer out Bank Account is the deposit account where the deposit has been held
    5. Transfer in Bank Account is the client account the deposit was transferred into
    6. Bank References used in the transfer can be entered if required
  6. Click Update

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Now you can process the deposit refund:

  1. Click the Home screen tab on the main toolbar
  2. Click Property Management Dashboard on the Home screen side menu
  3. Scroll down to view the Deposits To Be Refunded widget. To see the list of deposits, click the displayed number of Deposits To Be Refunded
  4. The Deposits To Be Refunded window opens. Click the row that you wish to amend
  5. The Deposit Refund window opens. Click Add Refund Item
  6. In the Charge Item dropdown menu, click Deposit, then click Deposit again
  7. Enter the agreed Net Amount
  8. Click OK

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  9. In the Deposit Refund window, in the Refund Type dropdown menu, click the relevant option as per the means you will use to return the monies
  10. Tick Send Refund if you want to send a refund note to the tenant
  11. In the Refund from Client Account dropdown menu, click your client account
  12. The Total To Refund should show the amount to be returned. Click Update

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Once the deposit has been refunded, it'll no longer show in the dashboard. A record of the transaction appears as a debit in your virtual client account. You can view this if you click Accounts on the main toolbarBank Reconciliation on the side menu, and then click View under your client account.

Refund a custodial deposit less deductions

If you need to add further deductions to a tenancy whose deposit is held in the custodial deposit scheme, you can add these as additional charges to the tenancy.

 Warning

Any charges previously added to the tenancy using the Add Charge action will need to have been raised prior to following this refund procedure, in order for them to be taken into account.
Any charges that have been added but not raised, will not appear and cause an issue when they are subsequently raised as no deposit monies will remain

When the deposit monies are claimed, the deductions can then be paid to either the landlord, and/or against any outstanding supplier invoices.

The total agreed amount of deductions to be claimed from the deposit needs to be transferred from your deposit account into your client account first. To do this:

  1. Click the Home screen tab on the main toolbar
  2. Click Property Management Dashboard on the Home screen side menu
  3. Scroll down to view the Deposits To Be Refunded widget. To see the list of deposits, click the displayed number of Deposits To Be Refunded
  4. The Deposits To Be Refunded window opens. Click the row that you wish to amend
  5. The Deposit Refund window opens. Click the tenants name
  6. Click Go to Tenancy
  7. Click Actions
  8. In the dropdown menu, click Deposit Bank Transfer
  9. The Transfer Deposit window opens. Check the details shown:
    1. Tenancy Deposit Held indicates the total deposit amount that was held in the account
    2. Transfer Date is when you received the claimed funds from the deposit scheme into your client account
    3. Transfer Amount is the total agreed amount of claimed deductions that was transferred
    4. Transfer out Bank Account is the virtual deposit account referring to the deposit scheme where the deposit has been held
    5. Transfer in Bank Account is the client account the deposit was received into
    6. Bank References used in the transfer can be entered if required
  10. Click Update

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Now you can process the deposit refund:

  1. Click the Home screen tab on the main toolbar to return to the Deposit Refund window
  2. Click Add Refund Item
  3. In the Charge Item dropdown menu, click Deposit, then click Deposit again
  4. Enter the amount you have received from the deposit scheme (as noted in the previous section) in Net Amount
  5. Click OK

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You can now add any additional tenancy deductions. Any outstanding charges previously added to the tenancy should already appear as long as they have been raised in advance.

If you need to post an expense to reimburse a supplier:

  1. In the Deposit Refund window, click Add Additional Charge
  2. The Add Additional Charge window opens. In the Charge Item dropdown menu, click Expenses, then click an expense option 
  3. Edit the Description, if necessary, to better describe the expense
  4. Enter the Net Amount payable to the supplier
  5. Search for and click the Supplier for whom the expense is payable to
  6. Enter the Supplier Reference, i.e. the suppliers invoice number (if available)
  7. If a scanned copy of the invoice is available, click + alongside Link PDF to search your computer or network for the .pdf file and click Open to upload it
  8. If the expense relates to an existing works order in Alto, click it from within the Works Order dropdown menu
  9. Click OK
  10. Repeat the above steps for any further supplier expense deductions

If you need to post an expense to reimburse the landlord for any sundry items:

  1. In the Deposit Refund window, click Add Additional Charge
  2. The Add Additional Charge window opens. In the Charge Item dropdown menu, click Landlord Income, then click Sundry
  3. Edit the Description, if preferred, to better describe the deduction
  4. Enter the Net Amount payable
  5. Click OK
  6. Repeat steps 1 - 5 for any further sundry charges
  7. On the Refunds For This Tenancy window, the deposit received from the scheme is displayed, less the amount of deductions. In the Refund Type dropdown menu, click the relevant option as per the means you will use to return the monies
  8. Tick Send Refund if you want to send a refund note to the tenant
  9. In the Refund from Client Account dropdown menu, click your client account
  10. If there is a portion of the deposit to be returned to the tenant, edit the deposit so that it equates to the total number deductions. The Total To Refund should show zero. Click Update

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You will need to clear any remaining balance of the deposit from the tenancy, by refunding it directly to the tenant from the deposit scheme. To do this:

  1. Re-select the row in the Deposits To Be Refunded widget
  2. The Deposit Refund window opens. Click Add Refund Item
  3. In the Charge Item dropdown menu, click Deposit, then click Deposit again
  4. Enter the remaining deposit Net Amount
  5. Click OK
  6. In the Deposit Refund window, in the Refund Type dropdown menu, click the relevant option as per the means you will use to return the monies
  7. Tick Send Refund if you want to send a refund note to the tenant
  8. In the Refund from Client Account dropdown menu, click your deposit schemes account
  9. The Total To Refund should show the amount to be returned. Click Update

Once the deposit has been refunded completely, it'll no longer show in the dashboard. A record of the transaction appears as a debit in your virtual client account, and your virtual deposit account if any amount was returned to the tenant. You can view this if you click Accounts on the main toolbarBank Reconciliation on the side menu, and then click View under each of your client and deposit accounts.

Refund an insured deposit less deductions

If you need to, you can add further deductions to a tenancy ready to finalise a deposit, but leaving the remaining balance to refund the tenant.

 Warning

Any charges previously added to the tenancy using the Add Charge action will need to have been raised prior to following this refund procedure, in order for them to be taken into account.
Any charges that have been added but not raised, will not appear and cause an issue when they are subsequently raised as no deposit monies will remain

The monies claimed from the deposit can reimburse the landlord and pay an outstanding invoice on a supplier. 

The deposit funds needs to be transferred from your deposit account into your client account first. To do this:

  1. Click the Home screen tab on the main toolbar
  2. Click Property Management Dashboard on the Home screen side menu
  3. Scroll down to view the Deposits To Be Refunded widget. To see the list of deposits, click the displayed number of Deposits To Be Refunded
  4. The Deposits To Be Refunded window opens. Click the row that you wish to amend
  5. The Deposit Refund window opens. Click the tenants name
  6. Click Go to Tenancy
  7. Click Actions
  8. In the dropdown menu, click Deposit Bank Transfer
  9. The Transfer Deposit window opens. Check the details shown:
    1. Tenancy Deposit Held indicates the total deposit amount that was held in the account
    2. Transfer Date is when you transferred the monies from your deposit account to your client account
    3. Transfer Amount is the total amount that was transferred
    4. Transfer out Bank Account is the virtual deposit account where the deposit has been held
    5. Transfer in Bank Account is the client account the deposit was received into
    6. Bank References used in the transfer can be entered if required
  10. Click Update

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You now need to make the deposit available to process the deductions, before you can offset deductions against it:

  1. Re-select the row in the Deposits To Be Refunded widget
  2. The Deposit Refund window opens. Click Add Refund Item
  3. In the Charge Item dropdown menu, click Deposit, then click Deposit again
  4. Enter the deposit total in Net Amount
  5. Click OK

    mceclip1.png 

Now you can add any additional tenancy deductions. Any outstanding charges previously added to the tenancy should already appear as long as they have been raised in advance.

If you need to post an expense to reimburse a supplier:

  1. n the Deposit Refund window, click Add Additional Charge
  2. The Add Additional Charge window opens. In the Charge Item dropdown menu, click Expenses, then click an expense option 
  3. Edit the Description, if necessary, to better describe the expense
  4. Enter the Net Amount payable to the supplier
  5. Search for and click the Supplier for whom the expense is payable to
  6. Enter the Supplier Reference, i.e. the suppliers invoice number (if available)
  7. If a scanned copy of the invoice is available, click + alongside Link PDF to search your computer or network for the .pdf file and click Open to upload it
  8. If the expense relates to an existing works order in Alto, click it from within the Works Order dropdown menu
  9. Click OK
  10. Repeat the above steps for any further supplier expense deductions

If you need to post an expense to reimburse the landlord for any sundry items:

  1. In the Deposit Refund window, click Add Additional Charge
  2. The Add Additional Charge window opens. In the Charge Item dropdown menu, click Landlord Income, then click Sundry
  3. Edit the Description, if preferred, to better describe the deduction
  4. Enter the Net Amount payable
  5. Click OK
  6. Repeat steps 1 - 5 for any further sundry charges
  7. On the Refunds For This Tenancy window, the deposit available is displayed, less the amount of deductions. In the Refund Type dropdown menu, click the relevant option as per the means you will use to return the monies
  8. Tick Send Refund if you want to send a refund note to the tenant
  9. In the Refund from Client Account dropdown menu, click your client account
  10. Tick Refund Monies Held if you want to include a refund of any overpayments made during their tenancy
  11. Click Update

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Once the deposit has been refunded, it'll no longer show in the dashboard. A record of the transaction appears as a debit in your virtual client account. You can view this if you click Accounts on the main toolbarBank Reconciliation on the side menu, and then click View under your client account.

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