Tenant Refund – Pay to Multiple Tenants

Overview

You may have multiple tenants who occupy the one property. Upon vacating, the tenant refund may be required to be disbursed to two or more tenants. This document will assist you to:

  • Create a tenant refund for 1st tenant
  • Update the Tenant Details with the refund amount for the 2nd tenant
  • Create a tenant refund for 2nd tenant

Below is an example of refund that requires to be given to the tenants:

Tenant 1 $ 2100.00
Tenant 2 $ 600.00
Total Refund $ 2700.00

Steps

  1. Go to Transactions> Tenant Refund and enter the tenant alpha index of your tenant
  • REST will calculate the refund amount automatically. Change the Refund Amount to suit the required refund amount for the first tenant you wish to process the refund for i.e. $2100.00.
  • Ensure that Refund Fees is ticked (this should default to being ticked)
  • Enter your tenant’s payment details, select Print Cheque/EFT now to process the Remittance & Payment straight away or Add to Creditor Run to process the payment with your next creditor run

  • Click OK-F12
  • Follow the prompts through to payout your tenant (setup as a temporary creditor) by either cheque or EFT or add it to the creditor run.

When processing a Tenant Refund for a Commercial tenant with multiple rent columns, the grid with automatically expand to allow editing of individual amounts for each rent column if required, automatically updating the GST amount.  The total Refund Amount will be displayed as a read only amount, but will be automatically updated if the rent columns are edited.  Once edited or if the full amount is being refunded to the tenant, the grid can be closed by selecting the OK button to proceed with the refund.  

When you create a tenant refund, regardless of the amount (whether it is the full amount or a part amount) Rest will amend the paid to date to the vacate date and remove any credits.

In order for REST to identify that there are remaining funds that still need to be refunded, you will need to update the credit amount to the remaining amount to be paid out.

  1. Files > Tenant and enter the tenant alpha index
  • Go to the Rental tab and enter the remaining balance of refund due into Credit last month
  • Click OK-F12

  • Enter the reason for change and make reference to the remaining balance of funds to be refunded to your other tenants

  1. Go to Transactions > Tenant Refund and enter the tenant alpha index of your tenant
  • REST will calculate the refund amount automatically. Change the Refund Amount to suit the required refund amount for the first tenant you wish to process the refund for i.e. $2100.00.
  • Ensure that Refund Fees is ticked (this should default to being ticked)
  • Enter your tenant’s payment details, select Print Cheque/EFT now to process the Remittance & Payment straight away or Add to Creditor Run to process the payment with your next creditor run

  1. Click OK-F12
  2. Follow the prompts through to payout your tenant (setup as a temporary creditor) by either cheque or EFT or add it to the creditor run

NOTE: In an example where there are more than two tenants, this process can be repeated until all the overpaid rent has been paid to the tenants.


29/04/2019 11:10 am AEST

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