We will look at the step by step process to make bond due - please note, to make it undue, it is the exact same process but the other way around.
The quickest way to do these is by typing 'Journal Transfer' to the search bar.
You will be taken to this screen where you will have to enter a description - this description will appear on the accounts of those who are involved with the transfer so please write a decent outline of the purpose behind the move i.e. Bond Deposit for Joe Bloggs at 93 Test Street.
Now click onto the 'Add' button
Person Entry is where you can select the person you want to take the money from. In this case, it will always be the tenant who you are making the bond due on.
This is a populating search bar so you need to start to type the person's name and it will populate relevant options which you can select from.
Once you have clicked on 'Add' you will be taken to the next screen:
In the 'Amount' section, you must enter the amount you want to deduct as a minus figure.
For example if bond is £300 then you put -300
This is because the first movement of any journal transfer is always going to be a minus as you will be taking away money before you can put that money somewhere else.
In this case, you are taking out of the main account
You will also be able to see the balance of the person as well so that you can ensure you are taking money out of the correct account.
You will then need to click on 'Add'.
You will then see that the system is taking an amount of money from the person you have selected.
The next step will be selecting who you are giving the money to, so you will need to click on 'Add' in the left hand corner again.
Now search the same tenant again.
Once you have clicked on 'Add' you will have to select the amount which will be the same amount you took out earlier, except without the minus this time.
Once you have added the positive figure, select the appropriate Bond/Deposit account depending on which scheme is allocated. i.e. DPS Custodial, MyDeposits etc.
Now that you have added this transfer values, you will see that the total should come to zero. This will confirm that the correct amounts has been transferred. So you must always aim for the end result to be clear 0.00 for the transfer.
To confirm this transfer, you need to select Journal transfer.
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