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Refunds

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Refunds

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Refund Cheques may be produced for bookings that have been cancelled. There is no provision for a partial refund, or a refund by any other means.  Refunds can only be made if the funds have not been paid to the Lessor.

 

The booking details need to be removed from the property and the Lessor’s statement. In this process they will be moved to a Property called ‘ZZZZZZ Refund Only’ owned by an Lessor called ‘ZZZZZZ Refund Only’. If this Lessor and Property do not already exist, they will automatically be created.

 

After the cheque has been printed, then the booking will be seen on the bottom of the screen against this property. The commission on the booking will be reduced to nil. The details of the booking can still be viewed.

 

In the event that the tenant is not to receive the full refund, then the following procedure is recommended: -

 

a)        If not already existing, create a new Fee type trust account titled “Cancellation Refunds”.

 

b)         Issue a trust account receipt to this Fee trust account for the total amount of the refund cheque. This will then be included in the daily banking.

 

c)         Refund the tenant the amount due by way of a trust account payment from the “Cancellation Refunds”account. This payment can be either by Cheque or by Direct Payment. The cheque can be either be presented and will appear on your bank statement. If using the Direct Payment, ensure that the Direct Payment file has been cleared before proceeding and once again after processing the payment. Direct Payments can only be made to a recognised bank account ie., a six digit BSB and up to a nine digit account number. This is a limitation imposed by the banks. If using an EFTPOS system it is suggested that you use a standard BSB and account number eg.,999-999 999999999. The EFTPOS transaction on the bank statement will then be reflected in the bank reconciliation file as a direct transfer.

 

d)         If an amount needs to be paid to the Lessor from the refund then a second trust account payment by way of a cheque must be issued. This cheque is then receipted to the Lessor as a Property receipt.

 

e)         As the account is a Fee type account, the remaining amounts, which are the Agent’s cancellation fees, will automatically be included as part of the end of month Payment to Business. For this reason it is important that steps b) to d) above are carried out at the same time.

 

 

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