Transfer Bond to Owner or Supplier

This article outlines the steps required to transfer a tenant bond to an Owner or Supplier.

This process can be used in situations such as: 

• When a property is being sold and the bond needs to be transferred to the new owner.
• Management of a property is being handed over to a new agency.
• An owner has requested to hold the bond in their bank account, to be returned at a later time.
• A bond is required to be lodged to a bond authority
• A bond is to be held in an interest-bearing account

Step 1. Enter an Accounts Payable Invoice

• Go to Accounts Payable > Invoices & Credits
• Select the relevant Supplier/Owner 
• Enter an Invoice Number e.g. this is often the Property or Lease Code
• Enter the Invoice Date as today's date and click on the blue down arrow icon to push the dates into the From Date, To Date and Due Date fields. 
• Select the Bond Ledger as the Property and select the relevant Sub-Ledger the funds are to be drawn from
• Select an Account
• Enter the Tax Rate as GST FREE
• Enter the Gross Amount as the amount of bond to be transferred
• Click Process
• Attach any documents if required
• Click Complete

Step 2. Pay Accounts Payable Invoice 

• Go to Accounts Payable > Create Payments
• Select Payment Type as Payment Run
• Select the Bond Ledger as the Property
• Click update properties
• Scroll down and select the invoice to pay by double clicking on the Applied Amount box next to the invoice
• Click process in the bottom right-hand side