When a tenancy ends, you can refund a bond or deposit held in your Client/Trust Account by splitting the funds between a direct refund to the tenant, a transfer to the owner's ledger, or a transfer to the tenancy ledger to settle outstanding invoices.
Setting Up a Tenancy Ledger
Before processing the refund, ensure a Tenancy Ledger exists for the tenant. If not:
Navigate to Client/Trust Accounts.
Select Tenancy Ledger Balance.
Use the dropdown next to New Owners Ledger and select New Tenancy Ledger.
Search for the tenancy name and click Save.
Processing the Bond Refund
Select the relevant tenancy and navigate to the Bonds tab.
Click the Contextual Menu [...] and choose Prepare to Refund.
Review all outstanding invoices for the tenancy.
Confirm the Amount to Refund to Tenant.
If applicable, enter the Amount to Transfer to Owner. Do not enter an amount if there are outstanding invoices.
Enter the Amount to Transfer to Tenancy Ledger to settle outstanding invoices or hold funds for a later refund.
Approve the generated income invoice to record receipt of funds into the Client/Trust Account.
Save and approve the invoice to proceed.
Finalising the Refund
Update the Tenancy Invoice Contact with the tenant's payment details.
Process a disbursement using a profile that includes bonds. Tenant refunds appear where bonds to be lodged are listed, highlighted in orange.
Funds allocated to the owner transfer from the bonds ledger to the property ledger and appear in the Transfers section of the owner statement.
Funds allocated to the tenancy ledger shift from the bonds ledger, where they can be applied to invoices or refunded to the tenant.
For Asia-Pacific customers, the term "Trust Account" is used. European customers refer to this as "Client Account". In North America, bonds and deposits are referred to as Security Deposits. Client/Trust Accounting is not available to customers in North America. For more information on regional terminology, see our Glossary of Regional Terminology.