- In Property Management, from the Tasks menu, select Manage Leases, Change Lease.
- Click the Deposits tab.
- Mark the Refundable check box for the applicable deposit type.
The Refund, Apply, and Forfeit buttons will now be available in Refund/Apply Deposits and Reconcile Account tasks.
Note: Changing the Refundable box affects the General Ledger accounts used on the transactions related to the deposit. When the box is marked, it uses the Deposit Liability account specified in Setup, Properties, Deposits tab for the deposit type. When the box is unmarked, it uses the Deposit Revenue account also specified on the property Deposits tab.
If the deposit payment was entered with the Refundable box unmarked, the entries would have used the Deposit Revenue account. If the box is marked when the deposit is applied, refunded, or forfeited, it will use the Deposit Liability account.
Verify that your Deposit Liability account is correct in General Ledger after performing your apply, refund, or forfeit as needed.
If necessary, record a General Ledger journal entry between the deposit revenue and deposit liability account to correct the balances.
Refer to the Property Management Help topic, "General Ledger accounts affected by Property Management entries" for information about the General Ledger accounts that are affected by refundable deposit charges, non-refundable deposit charges, and refund/apply deposit transactions. |