Introduction

Important: Please note that the availability of certain features outlined in these release notes will vary depending on the package and add-ons that you have purchased as well as the account type that you have (admin/standard user). These features are subject to change at any time. 

Release Date

These features will be available on Thursday, January 25th, 2024. 

Deposit Management

This update introduces a new tab to the Finance section where users can view their Deposits. The Receive section shows deposits that have not yet been collected. The Register section shows deposits that have been collected but not yet registered. The Refund section shows deposits that are in the return process.

On the Receive tab, users can email their lead or open their contact record.

Step 1: Generate Deposit Invoice

Once you have established a Contract in LoftyWorks, the next step is to generate the rent and deposit invoices.

To generate a rent and/or deposit invoice for your tenant, open up their Contract. Next, go to the Invoice tab and click +Add Rent and +Add Deposit. This invoice will be visible on Xero.

Step 2: Tenant Pays Deposit

If your Xero account is set up for automatic payments, the invoice should deliver to the tenant and they can pay online seamlessly.

If your Xero account is not set up for automatic payments, or your tenant completes payment with an outside tool, you can manually log the payment by opening the invoice and clicking “Add Payment”

Step 3: Register the Deposit

Once you have received payment on the deposit, it will be visible in the Register tab.

You can filter by Registration Status, Transfer Status, and Related Property.

When you click Register, you will record the Deposit Scheme, Registration Date, Certificate Number, and upload any related documents.

When your registration is complete, you will receive a success popup and the Register button will be grayed out.

Step 4: Transfer to Scheme

When you are ready to transfer the Deposit to the Scheme, click the Transfer button. It will automatically pull in the Deposit Scheme that was selected when you registered the deposit.

After clicking “Deposit Transfer”, the Deposit will move from the Register section to the Refund section.

The details of the deposit will auto-populate on the contract.

Step 5: Refund to Tenant

The Refund tab shows all open Deposits. Users can filter by Property, by Release Status, or by Contract End Date.

To begin the return, click on the 3 horizontal dots on the right side and select Process Return.

This will open the Return window. You can add any charges that will be deducted from the Deposit here.

When a deduction is added, you must associate a Vendor and add a Description. This Vendor and Description will be used to auto-generate a bill in Xero.

Step 6: Deposit Refund in Xero

The first invoice that generates reflects the full Deposit amount that the Scheme will return to you.

The next item that auto-generates is an invoice that shows the Deposit refund minus any deducted repairs. This can be shared with the Tenant.

The final auto-generated item is a bill that will go to the Vendor associated with the deduction, if applicable.

While we are excited to release the Deposit Management feature to our users, we are even more excited to show a sneak preview of a feature coming soon to the Dashboard. This will give you a holistic view of all Deposits currently working in LoftyWorks.

Coming soon:

Questions?

Thank you for taking time to invest in your LoftyWorks learning. We hope you enjoy our best-in-class Property Management software. If you have any questions, comments, concerns, quips, queries, or quandaries, please email support@loftyworks.com.