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 the unit is left clean and in good working order upon the customer's move-out. The deposit is optional. If you want to charge a non-refundable fee, 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 move a customer out of a unit, if they have paid a deposit, it will show you how much deposit they paid and ask, "How much of this deposit amount would you like to refund?" You can then enter a Refund Amount and a Partial Refund Reason (optional). After you enter the amount and the reason (if applicable) and finalize the Move Out, your Total Deposits and Monthly Deposits reports will be updated. This WILL NOT send money to the customer. After you have updated the reporting, follow the steps to issue a refund to the customer's credit card, debit card, or ACH account. If you cannot issue a refund electronically, you will need to issue a check or cash refund to the customer.
What is an Additional Deposit, and how do I charge for it?
An additional deposit is used for an extra unit item (e.g., a key fob to access the facility, a key, a lock), and 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 explained above.
Returning the refunded deposit (additional deposit) amount to the customer should be done manually; the software does not handle it automatically.
How do you allocate the deposit to outstanding charges?
Add a credit to the account with a note "deposit funds". This credit will be applied to the outstanding account balance.
When a move-out is finalized, you will forfeit the deposit since it is not being refunded to the tenant.