Final settlement of the deposit
When a resident leaves, one screen sets the deposit held against the last rent, unpaid bills and any deductions such as damage. A hostel manager approves it, and settling it leaves the exact refund, or what is still due, on record.
PLANSFrom Growth
The problem it solves
- The refund is worked out on a calculator at the desk, and the resident disputes every line.
- The deposit is returned in full while last month's electricity bill is still unpaid.
- Anyone at the desk can hand back cash from the deposit, with nothing for the owner to check.
- Months later nobody can show what was deducted, or why.
How it works
- When the resident is on notice or has checked out, open the stay and press Final Settlement. A settlement opens in Draft.
- It shows the Deposit Held (deposits paid, less any returned). It shows the Pending Charges not invoiced yet (last rent, rent in lieu of notice, damage from the room check). It also shows the Open Dues of unpaid invoices.
- In the Deductions tab, add what is kept from the deposit: the charge head, a description such as Broken chair, and the amount. Refresh brings the figures up to date.
- Press Approve. From the desk it goes to the hostel managers of that property, who get a to-do. A manager's Approve decides it, or the last level of your chain does.
- After check-out, press Settle. Everything open is invoiced, the deductions are charged. The deposit becomes a credit note set against the unpaid invoices, and what is left is To Refund.
- Open the Refund Credit Note and record the payment to the resident. The resident and any guardians are told the deposit and the refund.
Everything it does
The figures
- Deposit Held: deposits invoiced and paid, less deposits already returned
- Pending Charges: charges on the stay not invoiced yet
- Open Dues: invoices of the stay not paid yet
- Deductions: the lines you add, each with a head that is not the deposit, a description and an amount
- Balance: positive is a refund to the resident; negative is still due
- Refresh updates the figures while the settlement is a draft; Approve refreshes them once more
- Today, where a company pays for several residents on one invoice, Open Dues counts that whole invoice for each of them. Settling sets the deposit only against the resident's own invoices. So the refund is right but check the Balance shown
Approval and settling
- Approved through the approval chain Final settlement: the hostel managers of the hostel to start with, with any levels you add
- The resident the settlement is about never decides it
- Reject cancels the settlement, and the desk prepares a new one
- Settle is refused until the settlement is approved and the resident is checked out
- An approved settlement cannot be cancelled or changed; a draft can be cancelled
- Settling invoices what was pending, charges the deductions, credits the deposit and sets the credit against the stay's unpaid invoices
Paying the refund
- To Refund shows what is left of the deposit credit
- Refund Credit Note opens it; the payment to the resident is recorded there, in cash or by bank
- The deposit sits on its own account, apart from income, until it is returned
Lists
- Stay > Billing > Final Settlements, with filters Draft, Approved, Done and Cancelled, grouped by status, hostel, resident or Entity
- Staff app: residents on notice, or checked out in the last 60 days, whose settlement is not done
Who uses it
Front Desk / AccountsOpens the settlement, adds deductions, sends it for approval, settles it and pays the refund.
Hostel ManagerApproves or rejects the settlement of residents of their hostel.
Owner / AdministratorAdds levels to the Final settlement chain if a second person should agree.
Resident, and any guardianAre told the deposit held and the refund when the settlement is done.
Where you use it
- Web: the stay's Final Settlement button, and Stay > Billing > Final Settlements
- Web: in SmartMy Stay the app menu is named Stay and Hostels is named Properties; forms, fields and messages still say Hostel
- The SmartMy Stay Staff app: Final settlements under the Billing menu, with deductions, Approve and Settle. Built and in testing, not in the app stores yet
- The approvers' My approvals in the SmartMy apps, for the levels of your chain
- Not in the app: paying the refund out, which is done on the web
What you control
Settings
- Final settlement chain: one level, the hostel managers of the hostel, to start with
- Charge heads for deductions: any head that is not refundable, such as Damages
- Charge Rent in Lieu of Notice: on, so days short of notice are in the pending charges
Approvals
- Final settlement: the hostel managers of the hostel by default. Add levels or named people under Stay > Configuration > General > Approval Chains. The approvers get a to-do and a Request Waits for Your Approval message in the app and by email
Notifications
- Hostel Final Settlement: to the resident and any guardians: in the app and by email. WhatsApp and SMS use your message credits. App push comes once the apps are in the stores. It carries the deposit and the refund and goes out at once
- Approvers get a to-do on the settlement and a Request Waits for Your Approval message in the app and by email
- WhatsApp and SMS need your message credits; each person can switch off a channel for themselves, and in-app notices always arrive
Questions
Can the desk settle without a manager?
No. Someone at the desk can press Approve, but that sends the settlement to the hostel managers. Settle works only after it is approved.What if the dues are more than the deposit?
The balance shows what is still due. Settling sets the whole deposit against the unpaid invoices, and the rest stays as dues on the resident's statement.We took deposits before moving to SmartMy. Are they included?
Yes, if you bring them in with the go-live import. Its Deposit Held column records the deposit already paid. It is returned at check-out like any other.Can we settle before the resident leaves?
You can prepare and approve the settlement while the resident is on notice. Settle waits until the resident is checked out.Is the final settlement in Starter?
No. Billing, deposits and the final settlement start in Growth. Starter keeps the check-out checklist.Related features
CHECK-OUT AND SETTLEMENTCheck-out checklist: inspection, assets and keysA resident leaves through a checklist: room inspected, assets returned, keys and cards given back. Check-out waits for every mandatory item, and only a hostel manager can go on without one, with the reason kept on the stay.CHECK-OUT AND SETTLEMENTRoom kits and their condition at check-in and check-outEach room type has a kit (cot, mattress, cupboard, fan), and each room holds its kit in stock. The room's condition is recorded when a resident checks in and when they leave. Damaged and missing items become charges on the stay. It needs the Inventory app in your account.ENQUIRIES, BOOKINGS, WAITLISTDeposit and booking fee at bookingBooking a bed charges the security deposit and the booking fee of the rent plan at once, with a link to pay online. A booking not paid within your hold hours is cancelled and the bed is free again, and check-in can wait until the deposit is paid.BILLINGRent collection online and at the deskEvery rent invoice goes out with a link to pay, and residents find Pay on the portal and in the app. Rent paid at the desk, in cash, UPI or by card, gets a numbered receipt and goes against the oldest dues first.BILLINGResident statement and yearly rent receiptPrint a resident's statement of every charge, invoice and payment, with what is due and the deposit held, in one click. Residents who claim HRA get a yearly rent receipt as a PDF. Both download from the portal and the app.ACROSS SMARTMY STAYApproval chainsEvery approval in SmartMy Stay goes through a chain. That covers leave and out-passes, room change requests, final settlements, club events and club joining, and changes to fixed assets. With no set-up the usual people decide; you add levels, such as the owner after the manager, without code.
See it with your own beds and rent plan.
Tell us how many beds and properties you run. We will show you a booking, a month of rent and a move-out, set up the way your PG works.