This guide provides a step-by-step process for refunding tenant holding payments in CRM and how to transfer the balance to the Agent ledger. By following the detailed instructions, users can easily navigate the system to process refunds and associated fees, minimising errors and saving time. Whether you're new to the CRM or need a refresher, this guide is a valuable resource for maintaining financial integrity in tenant accounts.
In this example we will refund £100 to a tenant and then £80 to the Agent ledger as withheld funds. We will make the assumption that the holding fee has been brought into CRM as 'Unallocated Funds' i.e. not applied to a rent (or other) invoice'.
1. Navigate to https://crm.iamproperty.com/Dashboards/Accounts
2. Click here to access the Ledger screen.
3. Click "Select ledger type"
4. Click "Tenant Ledger"
5. Click "Search for Record" Search for the Tenant record and select from the list here.
6. Click the 3 dot menu
7. Click "Edit"
8. From the 'Edit Transaction' screen. Click the "Amount" field.
9. Edit the amount to the value you are returning to the Tenant. Click "Save"
10. Click this checkbox.
11. Click here.
12. Click "Refund"
13. Click the "Amount" field and edit to the amount you are refunding.
14. Click the "Description" field. Type a clear description for the transaction e.g. "Repayment of holding payment"
15. Click "Refund" this will create the refund transaction in the Client Account.
16. Click this icon to move to the Accounts Dashboard.
17. Click here to view the Client Account transactions
18. In the Client Account you can see the refunded amount as a debit.
19. The payment will also be visible in the Tenant Ledger.
Creating the Tenant Fee Invoice
20. To take your portion of the fee and add it to your Agent Ledger an Invoice needs to be created.
21. Click "Select tenant" and type your tenant name, select from the drop down list.
22. Click "Select transaction type"
23. Click "Tenant Fee Invoice" (in this case) or the appropriate option.
24. Click "Administration Fee"
25. If you want to "Exclude the Management fee" Click here
26. Click the "Amount" field. Add the amount of the fee/charge
27. Click the "Description" field. Type a clear and accurate description e.g. "Retained Holding Payment for A Morgan
28. Click here. This will create the invoice.
29. If paying with Unallocated funds. Click here, make sure the option is selected.
30. Click "OK" This will use the Unallocated Funds to pay the invoice that you have just created.
31. If you don't want to create an invoice for your tenant, click "No" otherwise click ''Yes'
32. In the Tenant Ledger you will see the transactions, the invoice and then the payment of the invoice. The payment will also show in the Agent Ledger.
