This article applies to you if you have recorded deposits and need to refund them now. If you need to enter a deposit first, refer to these articles:
Note: If you don’t know if you have recorded a refundable deposit or deposits but would like to refund you can easy look it up following the steps here:
Refund previously recorded deposit(s):
- Go to the ‘Accounting’ Tab and click the ‘Add’ dropdown and select add ‘Refund’.
Look up any previously recorded deposit by entering:
- Payee Name,
- Property Name, and
- Lease Agreement.
If no result is found you likely have not entered a deposit previously. If your selection finds recorded deposits it looks as the following:
Image <show a page with deposit looked up>
From here you can either
- Refund deposit in full OR
- Refund deposit partially.
Once a deposit has been recorded you can mark it as ‘paid’ once you initiated payment.
Your General Ledger will show your liability being paid out then.
- Refunding your refundable deposits will remove the liability from your liability account.
- Some areas have specific laws regarding the handling of deposits. If this is the case for you, please consult your accountant to ensure compliance.
Still have questions?
Open the round conversation icon on the lower right corner and ask us anything.