Do you have multiple tenants and would like to send their security deposit refund to them separately? This article will show you how to refund the security deposit to multiple tenants using the move out flow.
To get started with this process you will first need to start and go through the move out flow. For more information regarding the move out you can view this article here for a step by step walkthrough.
This article will begin on the final step of the move out when you are refunding the security deposit to the tenants. This will be located in the section labeled "Refund Details"
To set up the security deposit to be split you will need to click on the "Split" button and make sure it is highlighted in green. Then you will also select the bank account you would like to use to refund the security deposit.
Once this is select you will then begin filling out the first tenants information (Split 1) as normal. You will fill out the following fields:
- Tenant- this will be the first tenant you would like the refund to go to (pulls from tenant contacts attached to the lease)
- Amount- this will be the dollar amount you are refunding this tenant
- Memo- any description you would like to add
- Payout Type- how you refund whether it be cash/check/eCheck/NACHA.
See below for more information regarding these payout types.
Payout Type Options
-
- Check
- Name on Check- Name of tenant this check is going to.
- Check Number- check number if you know it but you can leave blank for the next check number.
- Check Memo- any description you would like to be shown on the check
- Check Address- Where this check is going. This will pull from the forwarding address but you can change it by clicking the pencil icon.
- Check
-
- eCheck or NACHA
- Bank Account- this option allows you to manually enter in the tenants bank account information to send the refund to
- Account Type- if this is a checking or savings account
- Routing Number- routing number of tenants bank account
- Account Number- account number of tenants bank account
- Is Corporate Account- this is a toggle to allow you to check off if this is a corporate account or not.
- Saved Payment Methods- this allows you to choose from the tenants saved payment method if they have set this up in the portal. This is if you do not want to manually enter their bank information.
- Payment Method- This is where you will choose the specific payment method from all of the saved tenant payment methods.
- Bank Account- this option allows you to manually enter in the tenants bank account information to send the refund to
- eCheck or NACHA
Once you have completed the details for Split 1 you will see "Split 2" is automatically added under "Split 1". In here you will have the same information as you did for the first tenant like selecting the tenant name, amount, memo, and payout type.
Please note that there will automatically be the same amount of splits for the number of tenants you have attached to the lease. The amounts for the refund will also be evenly dispersed. For example if there are 4 tenants attached with a $1000 security deposit, there will be 4 splits with $250 attached to each tenant. You have the option to change the amounts of each split if you choose to.
Once you reach the bottom of the last split you will see another button to "Add Split". In here you will be able to add as many splits as you want. This is useful if you have guarantors that aren't technically tenants on the lease. You will be able to add them here and enter in their bank information/ create a check in their name.
The last thing you will see in here is your Split Total and Refund Total. If you do not add any extra splits or manually change any of the amounts then these will automatically be equal. These two totals have to be equal at the end or you will not be able to complete the move out.
