Refunding Security Deposits

Page Name	Definition Name	Usage
Refund Security Deposit - Final Security Deposit Refund Worksheet Page	RE_REFUND	Process a security deposit refund.
Accounting Distributions Page	RE_LS_OPEX_CTG	Override the accounting distributions defined at the business unit level.

When a lease is expired or terminated and all outstanding payments are complete, any outstanding security deposits must be refunded or used to cover any damages that were incurred. The refund page collects all cash or prepaid processed deposits from the lease and includes them in the refund worksheet. You can add interest for the outstanding deposits or deduct for any damages. Once the final refund is calculated on the worksheet, you can process the refund back to the tenant. The refund can be negative or positive, meaning the tenant may owe the landlord additional funds or the landlord needs to refund the deposit back to the tenant. If the refund amount is positive, then the transaction is sent to PeopleSoft Payables. If the refund amount is negative, the system creates a billing transaction for additional funds to be billed to the tenant.

You can create refunds only for receivables leases. When a new refund worksheet is created, the prompt for the lease number displays only leases that are expired and deposits in a processed state. You cannot create a new refund worksheet when there is an existing pending worksheet for the lease; however, you can append an existing pending refund.

Note: You can create an amendment for partial or full refunds before the lease is expired by adding new deposit lines with negative amounts.

Warning! The receivables lease must be expired before you can process a security deposit refund.

Use the Refund Security Deposit - Final Security Deposit Refund Worksheet page (RE_REFUND) to process a security deposit refund.

Navigation:

Lease Administration > Receivables Leases > Refund Security Deposit

Field or Control	Description
Refund Date	Enter the date on which you want the system to process the refund. The system uses the current date by default, but you can change this value to any future date.
Payee	Displays the payee. If the amount to refund is positive, the payee is the entity to whom the system refunds the security deposit. If the amount to refund is negative, the payee is the entity who is responsible to pay the amount.
Add Interest	Click to insert an additional worksheet item for adding interest that was accrued for the security deposit. The system does not calculate interest for security deposits for a lease; therefore, you must track the interest manually. You can code interest to a different transaction routing code, which enables flexibility for a distinct general ledger account.
Add Deduction	Click to add deductions for damages to the property or any final charges to be paid by the tenant. You can code deductions to a different transaction routing code, which enables flexibility for a distinct general ledger account.

Refund Worksheet

When you click the Add Interest or Add Deduction button, the system inserts a new row in the refund worksheet.

Field or Control	Description
Worksheet Item	Displays Interest or Deductions, depending on whether you select the Add Interest or Add Deduction option.
Total Deposits Processed	Displays the total deposits that were processed from the Security Deposits page. The system totals all of the processed deposit amounts to calculate this value. When the refund worksheet is in a processed state, the system retains the value in the worksheet and does not recalculate it.
Total Deductions	Displays the total deductions that were added to the refund worksheet.
Total Interest	Displays the total interest that was added to the refund worksheet.
Amount to Refund	Displays the amount to refund or collect. The system calculates the final refund on a worksheet that is processed back to the payee. The refund can be negative or positive, which means that the tenant might owe the landlord additional funds or the landlord might refund the deposit back to the tenant. If the refund amount is positive, then the system sends the transaction to PeopleSoft Payables. If the refund amount is negative, the system creates a billing transaction to bill additional funds to the tenant.
Security Deposit Details	Click the link to view the security deposit log on the Security Deposits page.
Calculate	Click to calculate the amount of security deposit refund. Because the security deposit refund page uses a worksheet model for processing, you can click the Calculate button as many times as needed to create what-if scenarios. The system calculates the amount to be refunded as (Total Deposits Processed + Total Interest − Total Deductions). Note: Calculation is automatically performed when the worksheet is saved.
Process Refund	Click to send the refund request to the transaction queue for PeopleSoft Payables processing. If the deductions are greater than the security deposit amount, the system sends a request to the transaction queue for PeopleSoft Billing to send an invoice to the tenant for additional fees. The details are sent to PeopleSoft Billing even if the refund amount is zero. After a refund worksheet is processed, the refund status is changed to Processed and the worksheet becomes read-only. When there is a pending refund transaction in the transaction queue, another refund cannot be processed.

Use the Accounting Distributions page (RE_LS_OPEX_CTG ) to override the accounting distributions defined at the business unit level.

Navigation:

Click the Accounting Distributions link on the Refund Security Deposit - Final Security Deposit Refund Worksheet page.

The fields on this page differ depending upon the distribution selected. When you select a value other than None, the ChartField values become available for edit.

Field or Control	Description
Distribute By	Select either: Percentage: Select this value to change the accounting distribution by percentage for each financial term. Area: Select this value to change the accounting distribution by area for each financial term. The rent will be distributed based on the ratio of the areas. Amount: Select this value to change the accounting distribution by amount for each financial term. None: Select this option to use the accounting distribution set up at the business unit level.
Add Distribution	This button appears if you select Percentage, Area or Amount for the distribute by value. Click this button to insert a new distribution row.
Delete Distribution	This button appears if you select Percentage, Area or Amount for the distribute by value. Select a row and click this button to delete it from this page.
Select	This option appears if you select Percentage, Area or Amount for the distribute by value. This option is used to delete the distribution rows. Users can select all the distribution rows that they want to delete and click the Delete Distribution button to delete them.
Percentage	This field appears if you select Percentagefor the distribute by value. Enter a percentage amount for this distribution line. Percentage amounts must equal 100% to be valid.
Area	This field appears if you select Areafor the distribute by value. Enter the area for this distribution line. All lines must add up to the total rentable area for the lease to be valid.
Amount	This field appears if you select Amountfor the distribute by value. Enter the amount for this distribution line. All lines must add up to the rent specified for the financial term.
Valid	Used to indicate a valid combination of ChartFields. When activating the lease, edit checking will be provided and the option will be selected for each row representing a valid combination of ChartFields. A lease cannot be activated until every accounting distribution is marked as valid.

Refunding Security Deposits

Page Used to Refund Security Deposits

Understanding Security Deposit Refunds

Refund Security Deposit - Final Security Deposit Refund Worksheet Page

Refund Worksheet

Accounting Distributions Page