Overview
Sometimes mistakes happen when tenants try to make payments. One common mistake is a tenant who makes a payment to the wrong lease if they have multiple leases. This can happen if they log into the wrong tenant portal when they make a payment or if they make a bulk payment and pay for all their leases on one lease. Regardless of the reason, you'll need to move those payments to the correct lease and reflect those payments correctly on their respective lease ledgers.
The basic flow to follow is to refund all or a portion of the payment on the original lease and receive the payment on another lease.
The Steps
Step 1 - Refund the incorrect payment on the original lease
To transfer an incorrect payment from one lease to another, first go to the lease where the incorrect payment was received. Click Leasing > Active Leases on the main menu.
Find and click on the lease you want to transfer the incorrect payment from.
On the lease's overview page, click the Transactions tab. Click the Give Refund button, since we will first record that the money is being transferred out of this lease.
On the Lease Refund window, enter the following information:
Paid to Tenant: Enter the tenant's name
Pay From Account: The operating account the funds are currently located
Payment Method: You can choose "Other".
Category: Most likely, this is Rent
Description: (optional) You could enter something like "Fund Transfer"
Amount: The amount you are transferring to the other lease
Leave the option for "this is a refund for an overpayment" turned on.
Click Save.
Note: We should point out that we are not actually giving the refund back to the tenant, and no funds leave your real-world bank account. We are just recording that the funds are being taken out of the lease where they don't belong. We will record that money being transferred to the correct lease in the next steps.
Step 2 - Receive the incorrect payment for the correct lease
The next step to transferring an incorrect payment from the wrong lease to the correct lease is to receive the payment we just refunded to the correct lease. Click Leasing > Active Leases on the main menu.
Find and click on the lease you want to receive the correct payment in to.
On the lease's overview page, click the Transactions tab. Then, click on the Receive Payment button to record the incorrect payment into the correct lease.
On the Receive Payment window, enter the following information:
Deposit Account: Where the money is going. Should be in the original account you chose when refunding the payment.
Amount: the amount being transferred
Payment Method: Select Other
Add Memo: Enter a note stating that this is a fund transfer from one lease to another.
Click Save to finish.
That's it. That's the general way of transferring an incorrect payment made on the wrong lease to the correct lease. This is useful in the event that a tenant makes an online payment to the wrong lease, and you need to record that the payment belongs to another lease. To keep this from happening again in the future, have the tenant double-check that the payment is going to the right lease.