You may be required to take some of a Tenant’s Bond to cover expenses such as Property damages. In this instance, you will need to initially charge the Tenancy for the damage, then take the necessary amount from the Bond, and then enter a transaction from the Bond in to the Tenancy Transactions ledger. This is a 4 step process.
Select the Transaction Type from the drop down list (EG Tenant Maint. Charge, Credit Rent Adj., etc.). Enter the Date, Amount that will be withheld and any Comments (EG Repairs to Bathroom).
Click to return to the Bond Transactions function. Enter the Refund Required & Refund Lodged fields.
Enter the Bond Refund transaction (the amount of the Bond paid minus the Tenant Damage amount), including the Date, the Amount and any Comments
The Bond Refund transaction will now show in the Bond Ledger
Return the to zero.
Click Select the Transaction Type as Bond Withheld for Damages or Bond Refund (any Debit). Add the Date, Amount and Comments.
The Bond Total should now show as zero.
The Bond Withheld for Damages transaction has not come through to the Tenancy Transactions ledger automatically, and you will need to enter the Transaction as a Tenant Maint. Payment, to match the previous Tenant Maint. Charge entered.
Select the Transaction Type as Tenant Maint. Payment, the Date, Amount & Comments (EG Transferred from Bond)
The Tenant Maintenance Payment will now show in the Tenancy Transactions ledger. The Damages have been paid for, the balance of the Bond has been returned, and the Tenant is ready to Vacate.