Manually Applying and Handling Security Deposits

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Overview

Security Deposits can be manually applied to a reservation at any time. They can be taken prior to, at check-in, or at a later time and are held in a Deposit Liability account. Security Deposits can be refunded to the guest at any point before check-out. All Security Bonds held are displayed in the Security Bond Ledger Panel, accessible via Accounts > Security Bond tab to view balances.

A Retained Security Deposit Product Group needs to be created before creating any Security Products to ensure that the revenue from non-returned Security Deposits is handled correctly.

Prerequisites

  • A Retained Security Deposit Product Group must be set up.
  • Access to the Accounts > Security Bond tab.

Steps

Location

  1. Click on the Menu button.
  2. Select the Setup tab.
  3. Click on Product Group Setup.

Product Group Setup

  • Click Add.
  • Label: Retained Security Deposits.
  • Press Submit and refresh the screen.
  • Scroll up to the Product Setup panel and click Add.
  • Label: Retained Security Deposit.
  • Group: Retained Security Deposits.
  • GL Type: Revenue.
  • Tax: Select GST.
  • Press Submit to finalize.

Security Deposit Product(s) Setup

  • Click Add.
  • Label: Enter the name of the Security Deposit (e.g., Key Bond).
  • Group: Security Deposits.
  • GL Type: Revenue.
  • Product: Retained Security Deposits.
  • Taxes: Tick on the applicable Tax (Generally, Security Deposits have no Tax, only the Retained Product has Tax).
  • Press Submit to finalize the new Security Deposit Product.

Manually Security Deposit Rate Setup

To set the base rate for the Manual Security Deposit:

  1. Click on the Menu button.
  2. Select the Setup tab.
  3. Click on Product Rate Setup within the Pricing and Rates section.
  4. Enter the base rate for the Security Deposit.
  5. Press Submit to finalize.
  • The price can be overridden when adding to a reservation.
  • If no base rate is set, the rate can be entered when adding to a reservation.

Applying Security Deposit(s) on Reservations

To process a Security Deposit on a Reservation:

  1. After submitting the reservation, change to the Charges/Payments tab (if no deposit is required).
  2. Click the Payment button. (If Payment Express is active, click the Other Payment button).
  3. The created Security Deposits are available to be selected.
  4. Select the Security Deposit(s) – the security deposit amount will display in the Amount box.
  5. Select the Payment Type and click Post.
  6. Press Submit to finalize.
  • After processing the Security Deposit, the required deposit/balance is available to be paid.

Handling Security Deposit(s) at Check Out

Before a reservation can be checked out, the Security Deposit needs to be handled – Kept, Refunded, or Converted back.

  • To Keep the Security Deposit: Select Keep. The amount held in the Security Deposit Ledger is then removed and applied to the product “Retained Security Deposit”.
  • To Refund the Security Deposit back to the Guest: Select Refund. The Payment box will display to process the refund. Select the Payment Type for the refund (e.g., Cash). Click Post and Submit to finalize the refund.
  • To Change the payment type used: Select Chg and select the correct Payment Type.
  • To Convert the Security Deposit into a Payment to the Guest Folio balance: Select Convert. The Security Bond amount is refunded to the Charges/Payments to reduce any balance. Note: The balance must be greater than the Security Bond amount, as there is no ability to overpay a reservation.

Troubleshooting

For further assistance, refer to the help document: Click here to print the Help Document