Refundable Deposit User Guide

1.1 Introduction

In the Banking & General Ledger module, the Refundable Deposit function allows you to record and track refundable deposits in the system. Using this function, you can view records of payments received, refunds made, and any outstanding/unrefunded deposits. These records are displayed in the following three reports, accessible via:

 

Property Section > Reports Module > Customer Report

i. Deposit List

ii. Refund List

iii. Un-Refund Deposit List

 

1.2 How to Add a New Type of Refundable Deposit

Before you can record a refundable deposit received, you need to first create and enable a new type of refundable deposit. Follow the steps below:

Create a Refundable Deposit GL Account 

1. Go to: Accounting Section > Banking & General Ledger > Maintenance > GL Accounts. Select New Account from the drop-down list.

 

2. Fill in the required information to add a new refundable deposit GL account, for example: “Deposit - Renovation”.

                                                                                         

3. Tick the Refundable Deposit checkbox to define this account as a refundable deposit account. Enter the default deposit amount (optional). Click Update Account to save the information.

 

1.3 How to Enter a Refundable Deposit Receipt

1. Navigate to: Banking & General Ledger > Transactions > Deposits.

 

2. From the From dropdown list, select Customer, then choose the specific owner’s name.

 

 

3. Select the Into Bank account and Deposit Mode.

 

4. Choose the Deposit Items. If you preset the amount in the previous step, the system will automatically fill it in. You can also enter a Memo for reference. Click the (+) icon to add the deposit.

5. Click the Process Deposit button at the bottom of the page to enter the deposit.

 

6. Once processed, a success message will appear. You can print or email the receipt to the owner using the relevant links.

 

 

7. Sample of a Refundable Deposit Receipt:

 

 

1.4 How to Enter a Deposit Refund Payment

1. Go to Banking & General Ledger > Transactions > Deposit Refunds.

 

2. Select the owner’s name from the Customer dropdown.

 

3. Select the From Bank account and Payment Mode.

 

4. If the owner has an outstanding/unrefunded deposit balance, it will be displayed in the Deposit Refund listing.

·       Allocate the refundable deposit in the This Allocation column.

·       Enter the full amount to fully reverse the liability owed to the owner (even if the actual payment is partial or not made).

·       This amount will be debited to the Deposit GL account.

 

 

5. At the bottom section, you will see three lines: 

No.	Field	Description
i.	Refund Amount	●       The total amount of deposit refund. The amount is calculated as the total from the This Allocation column above. ●       This is used to create the Payment Voucher transaction, posted to the relevant Bank and Refundable Deposit GL accounts. E.g.: Debit    Deposit Renovation GL            RM1,000 Credit   Bank GL                                                        RM1,000 ●       Refund Amount = Payment Amount + Deduction/Withold Amount
ii.	Payment Amount	●       Enter the actual amount being paid to the owner. ●       Displayed on the printed Payment Voucher. Not posted to GL accounts. ●       If less than Refund Amount, the difference auto-fills as Deduction/Withhold amount.
iii.	Deduction/ Withold	●   Optional field to enter any deduction not being paid to the owner (e.g., damages, admin fees, or contra/offsets against other invoices). Note: Admin must issue invoices for any additional charges manually. ●System will auto-generate a receipt document for the Deduction/Withhold amount. Example GL entry: Debit    Bank GL                                       RM500 Credit   Accounts Receivable GL                             RM500

 

6. Example: 

·       Renovation deposit refund amount = RM1,000.

·       Cleaning Fees deduction = RM500 (charged to the owner due to improper waste disposal).

·       Enter Payment Amount = RM500 and Deduction/Withhold = RM500.

·       The system will generate the appropriate GL entries and receipts.

·       Additionally, management should proceed to issue a Cleaning Fees invoice later for the RM500 amount.

  

7. Click Process Refund to finalise the refund.

 

8. After processing, the system will automatically display options to:

·       Print or email the Payment Voucher to the owner

·       Print the Deduction/Withhold Receipt

 

 

9. Sample of a Payment Voucher for Deposit Refund:

10. Sample of a Receipt for Deduction/Withhold:

Note: If some of the screenshots or steps viewed here are different from the ones in the current system, this is due to our continuous effort to improve our system from time to time. Please notify us at info@timeteccloud.com, we will update it as soon as possible.

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