How to Account for Registered Deposits (QuickBooks Users)

Step 1: Create the Registered Deposit Charge in Arthur

Go into the Tenancy > Add Transaction type “Registered deposit charge”. This will create the charge on the tenant deposit statement.

Select Save Transaction then conduct a synchronisation between Arthur and Xero.

Step 2: Reconcile the Registered Deposit Charge

Go into Quickbooks > Banking and match the the bank line with the relevant deposit invoice posted by Arthur.

*Only Proceed to Step 3 & 4 if your deposits are held in a custodial scheme.*

Step 3: Creating a custom account in the Chart of Accounts for your custodial scheme (if done already skip to step 4)

Follow the steps in this guide 

Step 4: Transferring to the Custodial Scheme

Once you conduct a bank transfer to the custodial scheme (in real life), you will be met by a spent item in QuickBooks.

From here, you would select the Transaction and fill in the fields as follows;

  • Transaction Type: “Expense”
  • Select Payee: “Custodial Scheme” contact (You may need to create a new supplier contact)
  • Account: “Arthur – Custodial Scheme” (Insert/choose your respective custodial scheme)
  • Select VAT
  • Select Class: You will need to select the relative unit

Complete this by using the “Add” feature in QuickBooks. This will credit the Custodial Scheme Account.

To locate the list of accounts. Go to Account > Chart of Accounts.

Step 5: Refunding the tenant

With regards to returning the deposit follow either of these two guides;

  1. The custodial returns the deposit directly to the tenant
  2. The custodial returns the money to you, and you then refund the tenant

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