From the Company Overview screen in the Billing section, open the Move Out menu to refund or apply a security deposit. All financial actions related to security deposits are performed in the Move Out menu.
The Move Out menu displays paid security deposits, unpaid invoiced charges, and security deposits that have been adjusted and are pending refund.
Security deposits may originate from different sources, but once paid, all adjustments are managed in the Move Out menu.
NOTE: Depending on your assigned role and permissions, and the version of Kube your organization uses, some or all of these menus or services may not be available or displayed.
TIP: This article uses security deposit to refer to balances that may also be called service retainers. The same workflows apply.
This article describes the Move Out menu and the steps for refunding, applying, and adjusting security deposits.
Security deposit refund process
When you process a security deposit refund, you can select existing unpaid charges and add new charges to include in the transaction. If, after you select the charges to include in the transaction, the company owes you money (there is an amount in the Amount Owed field), you can post and generate an invoice to apply the included security deposit amounts to the unpaid charges.
The amounts shown on the Deposit Refund (Move Out) screen and the actions available depend on the current security deposit total. Any changes to the security deposit must be entered before selecting or adding charges, as charges are calculated based on the adjusted deposit amount.
If you owe the company money (there is an amount in the Refund to Company field), you can post a credit, or negative amount, to the company's account that reduces their general ledger balance. If you use Yardi Voyager Accounting, you can post a payable, or amount to be paid, that allows you to write the company a check using Voyager.
NOTES:
Yardi Voyager Accounting can be used to manage your organization's accounts payable functions. If you do not use Yardi Voyager Accounting, you cannot post a payable, and Kube does not show the Payable button. For more information, see "Accounts Payable" in the Yardi Voyager Core User's Guide in Yardi Client Central.
If a company forfeits its security deposit, you can add a charge for the amount of the security deposit and apply the security deposit to that charge. This will move the security deposit from liability to income.
Forfeiture typically means keeping the full deposit as income. To apply a deposit to unpaid charges, select and include the charges as part of the Move Out transaction.
If the security deposit is adjusted or forfeited as part of the transaction, the available posting and statement actions are determined by the resulting calculated totals.
To refund or apply a security deposit
Select Customers in the top menu and select Companies from the drop-down menu.
Locate the company in the grid and click the company. The Company Essentials window appears.
Click Detailed View. The Company Overview screen appears.
In the Billing section, Kube lists the properties with balances. Locate the property with the security deposit you would like to refund or apply.
Click the three dot additional options button in the Action column. Select Move Out from the drop down menu.
The Move Out window appears. For field descriptions, see the Deposit Refund Screen References at the end of this article.
Use the Charges tab to select and add unpaid charges. The total appears in the Amount Owed field.
TIP: The square Select button is filled in when the line item is included in the transaction.
Use the Current Deposit tab to view the security deposits on hand for spaces, amenities, packages, and custom charges.
Use the Pending Refunds tab to view security deposits that have been adjusted by a contract amendment. Select Refund to adjust the corresponding line item from the Current Deposits tab.
CAUTION: If you have adjusted the total of the security deposits using the Security Deposits Available > Adjust field, the amounts reflected here may not be accurate. Select Ignore if the security deposit has already been refunded using the Adjust field.
Click either the Post, Post Credit, Post Payable, Post & Generate Invoice, Download Statement, or Email Statement button, depending on the action you want to complete.
NOTES:
The actions shown on the screen depend on the calculated results of the transaction, including selected charges and any changes to the security deposit. If the deposit is adjusted after charges are selected, totals and available actions may not reflect the intended outcome.
You can only post a credit or payable if you owe the company money. The Post Credit and Post Payable buttons do not show if you do not owe the company. You can only post a payable if you use Yardi Voyager Accounting. For more information, see "Accounts Payable" in the Yardi Voyager Core User's Guide in Yardi Client Central.
You can only post and generate an invoice when the calculated totals indicate the company owes you money.
CAUTION: If you need to make changes to the security deposit, enter the adjustment amount in the Adjust field before you select or add charges. If charges are selected or added first, the amounts may not be calculated correctly, which can affect which actions are available (such as Post, Post Credit, Post Payable, Post & Generate Invoice, Download Statement, or Email Statement).
Deposit Refund Screen References
Move Out Section and Charges Tab
Post Date | Date that the included charges post. |
Post Month | Accounting month charges post to.
CAUTION: Kube adds charges to the Open Charges screen on the charge date, but they post to your accounting software in the post month. If you future date a charge and do not future date the post month, the charge will post on the charge date, but it will post to the past post month, even if the post month is closed for accounting.
Voyager rebuilds your GL accounts should such a scenario occur, but only for the past six months. Any charge with a post month more than six months in the past will not reconcile correctly. If you use different accounting software, you must manually account for the past post month in such a scenario. |
Display Type | If you use intercompany billing, select whether intercompany billing is enabled for this transaction (select the Standard option to disable intercompany billing).
NOTE: Kube populates this field with the default display type selected when setting up intercompany billing, but you can override the default setting for this transaction. For more information, see Turning on intercompany billing.
This field does not appear if you do not use intercompany billing. |
Funding Entity | If you enable intercompany billing in the Display Type field, select the funding entity used for this transaction.
NOTE: Kube populates this field with the default funding entity selected when setting up intercompany billing, but you can override the default setting for this transaction. For more information, see Turning on intercompany billing.
This field does not appear if you do not use intercompany billing or if you select the Standard option in the Display Type field. |
Available Credit | Automatically calculates the total amount of available credits, prepayments, and security deposits included in the transaction, based on the current deposit amounts.
NOTE: This field automatically updates and cannot be manually changed. |
Outstanding Charges | Automatically calculates the total amount the company owes from unpaid invoiced charges and any added charges included in the transaction.
NOTE: This field automatically updates and cannot be manually changed. |
Security Deposits Available
| Charge Code: Charge code of the deposits on hand. Amount: Calculates the total amount of the security deposits on hand. Adjust: Use this field to adjust the overall total of security deposits. Enter any adjustments before selecting or adding charges, as charges and available actions are calculated based on the adjusted deposit amount.
CAUTION: Do not use this field if you want to adjust security deposits individually. Amend the contract the security is from, and use the Pending Refund tab to adjust the deposit.
If you have pending refunds that exceed the total of the security deposits on hand, the remainder of the security deposits must be adjusted using this method, and the pending refunds ignored. Pending: Automatically calculates the total of the pending refunds that have, Refund, selected. See the Pending Refunds Tab screen reference for more information. |
Remaining Contract Value | Automatically calculates the total amount the company owes for the remaining time of all active contracts. |
Refund to Company | Automatically calculates the Available Credit amount that remains after credits included in the transaction are applied to the Outstanding Charges included in the transaction.
NOTE: You can only post a credit or payable if there is an amount in this field based on the calculated results of the transaction. This field automatically updates and cannot be manually changed. |
Amount Owed | Automatically calculates the amount that the company still owes after Kube applies the Available Credit amount to the Outstanding Charges.
NOTE: You can post and generate an invoice when there is an amount in this field, based on the calculated results of the transaction. This field automatically updates and cannot be manually changed. |
Remaining Open Charges | Calculates the total of open charges that have not been invoiced. |
Charges Tab | Use this section to select outstanding invoiced charges. Click Add Row to add additional charges. |
Current Deposit Tab
Current Deposit Tab | Displays the remaining total of each security deposit on hand. These totals reflect the current state of the transaction and change when the Refund option in Pending Refunds or the Adjust field in Security Deposits Available is used.
TIP: Use the Adjust field only when you are refunding or making changes to the entire total of the security deposits. Enter any adjustment before selecting or adding charges. The Adjust field deducts from the oldest security deposit first. |
Pending Refunds Tab
TIP: You do not need to terminate or amend a contract to adjust the total security deposit on hand. However, if you need to adjust an individual security deposit, we recommend amending the contract the security deposit originated from and then using the Pending Refunds tab on the Move Out menu to adjust that specific deposit.
Top Move Out Section | See the Move Out Section and Charges Tab screen reference for field descriptions. |
Cash Account | Account that a payable posts from.
Note: This field only shows if you use Yardi Voyager Accounting and only applies when posting a payable. For more information, see "Accounts Payable" in the Yardi Voyager Core User's Guide in Yardi Client Central. |
Refund and Ignore Buttons | Use these buttons to manage pending security deposit refunds on hand. When you click Refund, the amount appears in the Pending column in the Security Deposits Available field. Click Cancel Refund to clear the field and start over.
Click Ignore if you want to make changes to the security deposit using the Security Deposits Available field instead of applying a pending refund.
NOTE: If the pending refund amounts exceed the total amount of the security deposits on hand, use the Security Deposits Available field to make the necessary changes to the security deposit. |