What is a Deposit?
A deposit is an amount of money (chosen by the facility per Unit Type) that can be charged to the customer as an additional refundable fee at the time of rental. This can be used to ensure that the unit is left clean and in good, working order upon customer move out. The deposit is optional. If you are wanting to charge a fee that is non-refundable we suggest using the Setup/Administration Fee.
How do I charge a Deposit?
To charge a deposit at the time of rental go to the Unit Type edit screen by going to Units > Unit Types > Edit (on the far right). You will have to add/edit the deposit amount for each Unit Type separately.
How do I refund a Deposit?
As you are moving a customer out of a unit, if they have paid a deposit, it will show you how much deposit the customer paid and ask, "How much of this deposit amount would you like to refund?". It will then have you enter a Refund Amount and a Partial Refund Reason (optional). After you enter the amount and the reason (if applicable); you Finalize the Move Out this will update your Total Deposits and Monthly Deposits reports. This WILL NOT send money to the customer. After you have updated the reporting, you will want to follow the steps to issue a refund back to the customer's credit card, debit card, or ACH account. If you cannot refund electronically, you will need to issue a check or cash refund back to the customer.
What is an Additional Deposit and how do I charge for it?
An additional deposit is used for something extra for the unit (e.g. key-fob to get into the facility, key, lock), this is charged in addition to the Deposit described above. To charge an additional deposit go to Setup > Settings in the Other section (bottom left of the page) check Enable additional deposits then Update Settings. Adding and refunding an additional deposit is done the same as a Deposit explain above.
Returning the money to the customer for the refunded deposit (additional deposit) amount is up to the facility and is NOT done automatically by the software.
How do you allocate the deposit to outstanding charges?
Add a credit to the account with a note "deposit funds". This credit will go toward the outstanding account balance.
When a move-out is finalized you will forfeit the deposit since it is not being refunded to the tenant.