Suggested Move-out and Deposit Accounting Procedure

Move-out Procedure - This first section is required for all move-outs.

Pull up the tenant account in Room Choice.
Verify that the tenant has no open future reservation or lease period. You can see this on the Reservations tab on the student profile page. If the student has a future sales funnel, you may not want to refund them and close their account.
If they are moving out mid-lease and you want to resell the bed move the student from their bed to the waitlist.
Edit or Remove (delete) any future charges to correctly reflect the lease. Don't delete charges that are in the current or past periods. Please note that the move-out workflow will apply their deposit on hand and prepay amounts, but it will not remove any future ledger entries.
Before proceeding in the move-out workflow, at this step, all move-out charges or credits should be added to the tenant ledger (i.e., if there are damage charges, prorated utility fees, or lease cancellation fees).
Remove all Payment Methods (Credit Cards, Bank Accounts). This prevents accidental payment on closed accounts.

Select one of the following three options (1. automated, 2. simple, or 3. enhanced). We recommend the automated workflow which will complete the move-outs using the enhanced workflow.
- https://www.loom.com/share/331fcc21c9a34a1a989e37ed90953b1a (Note: Move out's are now on the tenant reservation table)

1. Automated Deposit Accounting Procedure (Recommended)

After all of the above "move-out procedure" items;
From the Tenant Profile, select Reservations.
Under the Actions column of the Tenant's Reservation tab, select the Move-Out icon.
Complete the Deposit Accounting move-out form. You'll input the move-out date and check the refund address information.
Current Balance, Deposit on Hand, Deposit Refund, and Additional Refund will populate automatically.
Ledger entries will post when you complete the form and select submit with move-out.
Audit the tenant ledger. The balance MUST be zero, and there cannot be any "planned ledgers" on their account.
Print the tenant ledger
Change the status from active to inactive (leave their status as active if you want the tenant to have login access).
Send a check for the amount of the Dep.Accting-Deposit Distrib and a second check for the Dep.Accounting-Refund Issued. This may be consolidated into one check but should be recorded back to their two bank accounts.
Done

*If you are not using the automated move-out workflow from above, pick either the simple or enhanced workflow after completing the steps in the "Move-out Procedure" section above.

2. Manual Deposit Accounting Procedure (Simple)

The Simple Deposit Accounting Procedure is used where refunds are issued from one consolidated operating account. If you are using an escrow account for security deposits, please use the enhanced version below.
Find the past tenant in Room Choice; if the tenant is still current, complete the move-out process above.
Click on the Ledger. Do all the charges look correct according to the contract? Was the tenant charged for rent or utilities he/she was not responsible for? Any charges to be removed or added can quickly be completed.
Add any move-out, damage, contract termination, or contract transfer charges. Do this with the Add Charge function.
Apply deposit with Deposit Credit. To find the correct amount, you can view the Deposits Report. Input the Deposits on Hand amount as a Deposit Credit.
Verify the Deposit has been applied. Go to the Deposits Report and the new amount for Deposits on Hands should be zero.
When the tenant receives a refund, they will now have a credit on their account. This is the amount to be refunded.
Check the amount to be refunded (if the residents owe money, the amount to be owed). Does it make sense that the past tenant will be refunded/owes the amount listed? If it seems incorrect, go back and figure out what went wrong.
Record the refund using the charge code Dep.Accting-Deposit Distrib. Apply the full credit amount using this charge code. When correct, and the tenant receives a refund, this will zero out the tenant account.
Print the tenant ledger
Send Check for the amount of the Dep.Accting-Deposit Distrib entry.
Done

3. Manual Deposit Deposit Accounting Procedure (Enhanced)

The Enhanced Deposit Accounting Procedure is used where refunds are issued from two bank accounts. In this example, you will have two refund checks. One check will be for the deposit amount and come from the deposit escrow account, and a second check from the operating account for the prepaid rent amounts.
Find the past tenant in Room Choice; if the tenant is still current, complete the move-out process above.
Click on the Ledger. Do all the charges look correct according to the contract? Was the tenant charged for rent or utilities he/she was not responsible for? Any charges to be removed or added can quickly be completed.
Add any move-out, damage, contract termination, or contract transfer charges. Do this with the Add Charge function.
Apply deposit with Deposit Credit. To find the correct amount, you can view the Deposits Report. Input the Deposits on Hand amount as a Deposit Credit.
Verify the Deposit has been applied. Go to the Deposits Report and the new amount for Deposits on Hands should be zero.
When the tenant receives a refund, they will now have a credit on their account. This is the amount to be refunded.
Check the amount to be refunded (if the residents owe money, the amount to be owed). Does it make sense that the past tenant will be refunded/owes the amount listed? If it seems incorrect, go back and figure out what went wrong.
Create the refund for the deposit credit using the charge code Dep.Accting-Deposit Distrib. Apply the full credit amount using this charge code. This should be only for the amount of the deposit credit only. A second refund will be issued for the prepaid credit.
Create a second refund for the Prepaid Balance using Dep.Accounting-Refund Issued.
Print the tenant ledger
Send a check for the amount of the Dep.Accting-Deposit Distrib and a second check for the Dep.Accounting-Refund Issued. This may be consolidated into one check but should be recorded back to their two bank accounts.
Done