Tenant Refunds

Quickly issue refunds to tenants with Rentec Direct property management software.

There may be times when you want to give a refund to a tenant. Refunds are most often a result of an overpayment received and are different than:
* Rent Concession or Discount and
* Returning a Tenant Deposit

Refunds should be recorded in the ledger/s where the income was documented, ensuring accurate accounting and reporting. See below for information on refunding an application fee.

Refund a Tenant 

There are two steps for issuing a Tenant Refund:

1. Post the expense to the property
2. Edit the transaction to change the category

Step 1 Post an expense to the property

In your Rentec Direct account:

1. Click on Properties
2. Right-click on the property that received the original income and click on Post Expense
3. Enter the payment details - 
   1. Payment Type 
      
      Note: It's important not to select ach or cc as the payment type 
   2. Payee - Enter the tenant's name
   3. Category - 0000 Uncategorized
   4. Charge Tenant - Using the dropdown, select the tenant's name
4. Click on Post Expense

Step 2 Edit the transaction to change the category

In your Rentec Direct account:

1. Click on Properties
2. Click on the property balance to View Ledger
3. Click on the paper/pencil to Edit the transaction
4. Change the category from 0000 Uncategorized to the category used when funds were originally received from the Tenant. (Most Commonly used 4000 Rental Income)
5. Click on Save Changes

Refunding Application Fees

To refund an application fee to the applicant, post an expense to the applicable ledger with the applicant as the payee:

1. If the application fee is posted to the property, post the expense to the property
2. If the application fee is not posted to the property, post the expense to the bank account the funds were deposited into.

System Note: Currently, Tenant refunds electronically are not an option. Please review Online Payment Processing | Overview for what types of online payments can be processed through your Rentec Direct account.