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Adding, Tracking, and Refunding Security Deposits

This guide walks you through using the Line View feature to assign security deposits to specific cost codes/reserves, convert invoices into receipts, and issue refunds that automatically update your reserve balances.

 Part 1: How to Add and Invoice a Security Deposit

To add a deposit to an account, you will first generate an invoice and use the Line View to link the deposit line item to a reserve fund.

  1. Navigate to the Tenant's Profile: Go to your Tenants menu and select the relevant tenant and their fees (e.g., plot fees, memberships, or key/security deposits).
  2. Prepare the Invoice: When you are ready to send the fees to accounts, fill in the required general invoice information:
    • Receiving Bank
    • Description for the invoice
    • Due Date
    • Invoice Text (optional, chosen from the bottom selections)
  3. Configure the Line View: Look at the individual line items displayed at the bottom.
    • For standard fees, you can apply a bulk Cost Center, Cost Code, and VAT type.
    • For the Security Deposit line item, manually change its settings so it links directly to your reserve. Select the specific Cost Center (e.g., Reserve for Allotment) and the correct Cost Code (e.g., Allotment Deposits).
  4. Generate the Invoice: Click Save or Generate to finalize and send the invoice to accounts.
Part 2: Receiving the Deposit (Converting Invoice to Receipt)

Once the invoice is generated, you must record the payment to ensure the deposit is officially added to your reserves balance sheet.

  1. Open the Invoice: Go to Accounts and open the newly created invoice.
  2. Convert to a Receipt: Click on the three vertical dots located on the right-hand side of the invoice screen.
  3. Select Options: Select Convert into a receipt.
  4. Apply Items: Check the boxes next to all the items that apply and submit the entry.
  5. Verify the Deposit: Once processed, the deposit amount (e.g., £5) will automatically register on your reserves balance sheet allocated to your specified reserve fund which is linked to its related cost code (viewable via the Cost Code menu).
Part 3: How to Refund a Security Deposit

When it is time to return a deposit, the system allows you to refund a specific line item, which automatically adjusts your reserve balance.

  1. Locate the Invoice: Go to the original sales invoice associated with the deposit.
  2. Initiate the Refund: Click on the three vertical dots on the right-hand side of the screen.
  3. Select Refund: Click on Proceed with a refund.
  4. Select the Deposit Line: Choose only the specific line item meant for the refund (e.g., the key deposit or security deposit line).
  5. Process the Refund: Confirm the refund. The system will automatically generate a negative receipt for the refund amount, ready to be paid back to the customer.
  6. Automatic Reserve Adjustment: The system will automatically deduct the money from the linked reserve fund, successfully reducing the reserve balance back to its initial value.