How to Refund an Overpayment of Management Fees (Arthur Users Only)

This article is linked to charging commission to a property owner. 

This article is here to assist you in refunding an overpayment of management fees received from a property owner. This article is for Arthur user’s only. Xero users please contact a member of the Arthur team.

Step 1: Adding the Refund 

The first step is to add the transaction to the tenancy. To do so, locate the relevant tenancy and select Statement>Add Transaction as shown below:

When adding the transaction, the transaction type to select is ‘Management Fee Charge.’

It is then key that you populate the transaction correctly,;

  • Paid to/by=Property Owner
  • For the ‘Amount Net’ you must always put a minus (-) infront of the amount
  • Select VAT if you are interested in

You can refer to the image below for a detailed look into how things should look.

We have now added a transaction onto the Property owner statement as displayed below.

Step 2: Refunding the Amount to the Property Owner

The way we refund this amount to the property owner is to remit to the property owner. Click here to see more about remitting to the property owner.

By remitting to the property owner is effectively paying the property owner.

Note we are paying the property owner the payments owed to them and the overpayment of management fees, which is an amount for £1,685.00 in this scenario.

Completing this process will show that you have refunded the overpayment of  management fees as shown on the image below.

If you would like any further assistance please contact the Arthur team via the live chat platform, located at the bottom right of your screen.

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