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Refund & Forfeits Overview
Refund & Forfeits is the
preferred method for recording normal rent refunds and security refund/forfeit
transactions since it simultaneously works with multiple security types
and provides an interface to AMSI's Accounts Payable System (APS) as well
as other accounting systems.
A refund or forfeit transaction is not considered an
accounts payable function. Entering a refund or forfeit transaction in
eSite simply reduces the resident's amount of security deposit on hand.
A manual funds transfer must still be made to your accounting or general
ledger system via the Refund.APS file.
The Refund.APS File
eSite creates the Refund.APS
file when security refund transactions are processed if the property policy,
Transfer Security Refunds is set to Transfer
to AP.
There are two ways to create the Refund APS file.
The preferred method is to use Process
Refunds, which allows you to group accounts payable transactions for
SODA refunds together into a single file rather than sending each refund
individually to eFinancials. Refer to Required
Setup for Process Refunds for setup details.
Alternatively, you can set eSite to create accounts payable
transactions for SODA refunds one at a time in the eSite Output directory
suitable for transferring to your accounts payable system.
Details
In this case, the property policy, Refund.APS
Format must be set to Standard or Enhanced. Standard allows for normal processing, whereas
Enhanced allows the resident's social security number to be included within
the transaction.
Once created, the file is available for transferring
to accounts payable for processing security refund checks. To simplify
this process, use eSite's Email AP/GL Files function to send the file
via email to a specified email recipient. Refer to Email
AP/GL Files.
Forfeit Types
eSite handles two types of forfeit transactions:
- Security Deposit Forfeits
—
Applies the resident’s security deposit
against any outstanding balance they may have and reduces the deposit
"on hand" amount by the total amount forfeited.
- Security Deposit Interest
Forfeits —
Reduces the accrued security deposit interest amount by the total amount
forfeited then posts a credit adjustment to the resident’s accounts receivable
balance for the specified income code.
Refund Types
eSite handles three types of refund transactions:
- Security
Deposit Refunds for Non-Rent Items
— Records
the return of the resident’s security deposit and reduces the deposit
balance by the total amount refunded.
- Security
Deposit Interest Refunds — Reduces
the accrued security deposit interest by the total amount refunded to
the resident.
- Rent
or Other Payment Refunds — Records
the return of Rent or other Non-Security payments and increases the resident’S
ending balance by the total amount refunded.
Processing Credit Billings or Adjustments
When processing a refund or forfeit transaction, if eSite
recognizes that the selected resident has a credit billing or adjustment,
then it displays the following message, The resident
has credit billings/adjustments. Are you sure you want to continue?
See Also
Refund
and Forfeits Grid
Refunds
and Forfeits Tab
To Enter
a Refund
To Enter
a Forfeit
Leases
with Multiple Responsible Occupants
REFUND.APS File Layout
Effect of Global Policies
Effect of Property Policies
Refund & Forfeits Grid
Print Letter Tab
Create ASCII File Tab
Transfer to eFinancials
Ledger Overview