Bond Opening Status XXXX
XXXX Enter full bond payable on property when entering Tenant opening rent status, any bond already at, or disbursed to, the bond centre and the bond number. This will automatically create a bond transfer record dated one day before P1 start date. Checks Bond Xfer(s), Bond Xfer(s) do not exceed Total bond payable. DO NOT enter undisbursed bond money currently in the trust account or received but not entered or banked.
Tenant Opening Rent Status Bond Fields
These entries may be made at the time the system is being set up and the tenant opening rent details are being entered or at a later date. They are needed if the Tenancy Tribunal report is to be correct.
The system will create a Bond Xfer record in the first period representing the bond already at the bond centre. If a change is made to the Bond Number or the Bond at Bond Centre amount a new Bond Xfer will replace the existing record.
Enter the bond number assigned to this tenant. This may be entered later on the [Details] > Bond tab.
Total Bond Required
Enter the total bond that is required to be paid by the tenant. Ignore any bond amount already paid either at the bond centre or in hand but undisbursed. It is the bond that was rtequired when the tenant commenced the tenancy plus any subsequent bond increases.
Bond at Bond Centre
Enter the amount that has already been disbursed to the bond centre.
Note This help topic is written for a new bond handling system which may not be implemented on the version of the Aspect Property Manager you are using. If you can not see fields mentioned in this topic on your screen please contact Aspect Systems for assistance.
There are a number of factors which must be considered when recording the bond status of any tenant when setting up the Aspect Property Manager. The simple situation is when the tenant still owes all the bond due to be paid on the tenancy. However, simple doesn't happen often and frequently the full bond amount is in several "pieces". As a result any one, or all, or any combination of the situations below need to be handled. First a quirky bit of terminology, real money received from a tenant as bond which is subsequently paid to the bond centre is termed a "bond disbursement". Don't try and work out why, just accept it! Now the bond "pieces".
1. No bond has yet been received from the tenant as at the system start date.
That is the total bond is still payable and is the simplest situation we can have from a setup point of view. Any money held at the bond centre pending a transfer to you is considered "not received", see item 6.
2. The portion of bond received from the tenant that has not yet been disbursed to the bond authority as at the system start date.
This money is still in our real bank account and therefore must make up part of the opening system bank balance otherwise we can not reconcile the system bank to the real bank.
3. The portion of bond received from the tenant that has been disbursed to the bond authority but has not yet been presented at the bank as at the system start date.
This money also is still in our real bank account and must make up part of the opening system bank balance otherwise we can not reconcile the system bank to the real bank. But the fact the payment has already been made must be recorded because the money will be withdrawn from the real bank some time in the future. This bond disbursement becomes part of the Initial Bank Reconciliation which is a later step.
4. The portion of bond that is still to be received from the tenant as at the system start date.
Again, any money held at the bond centre pending a transfer to you is considered "not received", see item 6.
5. The bond held by the bond authority, some of which may have passed through your bank account but must have been presented before the system start date.
This may be either bond which was withdrawn from your bank account as a result of a bond disbursement by you to the bond centre, or transferred to you from a previous tenancy before the system start date.
6. Finally there may be bond from a previous tenancy which has yet to be transferred to you as at the system start date.
This is the case where the tenant has transferred the bond from a previous tenancy but the paperwork had not yet been received.
So the bond information for each tenant needs to be broken into the above constituent parts then entered into the system using the Tenant Opening Rent Status program. If you do not break the bond down and only enter some of these details, the Tenancy Tribunal report, among other things, will not be correct.
Tenant Opening Rent Status entries
The bond details may be entered at the same time as the other Tenant Opening Rent Status data or in a separate pass of that program. However, they must be entered before the first bank reconciliation has been done and not changed after the reconciliation has been performed.
Total Bond Payable
Enter the total bond which was required on the property for the tenant obtain the tenancy. This would typically be 2 to 4 weeks rent.
This will display on the Tenants main screen > Details > Bond tab in a Rent Inv record and as Due
Bond at the Bond Centre XXXX No
Enter the bond held at the bond centre, under this tenant's name, for this tenancy, and for which you are the bond holder as at the system start date. Do not include bond being transferred from any previous tenancy unless you have received the paperwork from the bond centre and you are now the bond holder.
This will display on the Tenants main screen > Details > Bond tab as part of Archive Paid and At Bond Centre
Bond Disbursed but Not Presented XXXX No
Enter any bond disbursement made which has been sent to the bond centre but which had not been withdrawn from your bank account as at the system start date.
This will display on the Tenants main screen > Details > Bond tab as part of Archive Paid and At Bond Centre.
There will also be a Payment transaction in the L9900 Balancing Items account which is required to reconcile the system.
Bond Received but Not Disbursed XXXX No
Enter any bond which you had received from the tenant but had not disbursed to the bond centre, that is the money is still in your bank account as at the system start date. Do not include any bond received on or after the system start date.
This will display on the Tenants main screen > Details > Bond tab as a Receipt and Paid
There will also be a Receipt transaction in the tenant's Transactions records which is required for both future bond disbursement and to reconcile the system.
Bond Still Owing XXXX No
This is a figure calculated from the above entries and should be the amount of bond the tenant still had to pay as at the system start date.
Example $600 (1500 - 300 - 400 - 200)
This should be self evident.
Checking the bond entries XXXX No
The bond entries made can be checked using the Bonds Held and Bonds Due reports found on the Bond menu > Reports.
Return to Initial Installation.
Bond Returned from the Bond Centre XXXX