Refund and 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.

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

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.

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.

Refund & Forfeits Overview