Tenant Move Out, Adjusting Interest, Transfer Security Deposit
Multiple Tenants in a Unit
See Help Document #205 Security Deposit Refund
Moving out the tenant allows you to specify the use of the security deposit balance. After doing the moveout you may have to physically move funds from one bank to another. See the Refund Security Deposit write up for specific steps on various refund situations.
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Go to <<AR, Tenant History>>
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2.
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Select the [Tenant] from the drop-down list
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3.
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On the Unpaid Charges tab, review the charges
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Void any that aren't appropriate
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If partially paid and should not not be there, click Reverse
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If any charges are missing click Charge Tenant, enter each line item to be charged. Click <Post>.
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4.
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Click Tenant Moveout button
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5.
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Change the [Date] if appropriate
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6.
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Enter any amount you wish to [Withhold]. Only use this field if you are withholding funds for bills that may be charged to the tenant but have not yet been received. Withheld funds go to Tenant Open Credits.
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7.
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Type in a memo if appropriate.
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The amount in the Less Refund Check field is the amount of the refund
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9.
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The amount is Less Charges Paid are the charges being paid off.
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10.
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If there is an amount remaining to be refunded you can write a check to the tenant or let the balance go to Tenant Open Credits. The choice is determined by the Write Refund Check checkbox.
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When the numbers are as you want them, click <Post>. The charges will be paid off and the money credited to the appropriate ledger (owner, property, management group).
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12.
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If there is a refund check to be written, the <<Tenant Refund Check>> screen will display.
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Write the Check
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Change the Posting Date if necessary
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2.
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Verify the [Bank], [Amount], and [Payee Name and Address]. If the payee address needs changing, click on the Folder button on the Tenant field, Edit and then make the changes in the Permanent Address field and save. The Payee address will be updated on the Refund Check screen. If the payee name is different, change the information in the Payee Name and Address field.
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3.
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Enter a Memo or Comments if appropriate.
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Click <Post>. This will post the check and prompt you about printing the check. If you choose not to print the check, it will be put in the <<AP, Print Checks>> function for future printing.
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Choosing to print will bring up the Ready to Print Checks screen.
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Verify the information on the screen and change as appropriate.
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7.
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Click <Print> to print the check to the specified printer.
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Click <OK> to end the moveout process.
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9.
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If you write the check from the Checking bank, or if the owner is getting some of the money, transfer the money from Escrow to Checking.
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Stopping Automatic Rent Charging
When you have a date for the tenant moving out, do the following to stop the charging of rent:
In the Tenant Profile, Lease folder, look at the Next Scheduled date. This is the next date rent is going to be charged.
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If the date is after the tenant move out date change the Schedule to Expired and make the tenant Status Past Active.
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If the date is on or prior to the move out date, enter the move out date in the Schedule Expires field. Doing this will assure that rent charges will not be posted after the tenant vacates. A move out date also triggers an event reminder in Event Reminders.
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*Note: If there will be no additional transactions posted to the tenant ledger, you can make the status Past Inactive. If there are further transactions anticipated - e.g. security deposit refunds, payments for outstanding charges - then make the tenant status Past Active.
Here is a step-by-step outline for one possible scenario of a tenant leaving:
Date is March 3
Tenant is vacating unit April 30.
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Go to Tenant Profile, Lease tab and enter a Schedule Expires date (Changing the schedule to expired stops the rent from being charged.)
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Enter a Move-out Date (optional).
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Date is May 1
Tenant has physically vacated the unit.
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Posting May rents will have changed the tenant Status to Past Active
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Enter a Move-out Date (optional)
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Date is May 20
All charges have been received for the unit.
Date is May 26
You decide to refund the tenant’s security deposit.
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Enter the date to pay interest through (optional).
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Verify the Released Deposits
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Verify the Current Charges
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Distribute Released Deposits amount as desired - if charges exceed funds.
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Enter any unrecorded charges using the Charge Tenant speed button.
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When finished, click Post.
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If there is an amount remaining, you will be prompted to print the refund check.
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