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Dealing with Deposits when a Tenant has moved Units or a New Tenancy has been created (Insured and Custodial Scheme)

This article deals with the transfer of a deposit to a new tenancy.

Insured Scheme

With the insured scheme money is held in the bank, so no transactions are added to the statement because we don’t want to overstate the bank balance.

As a result we simply use the Register Deposit feature on Arthur to log it as a reference on the new tenancy.

Step 1:

 Go to Tenancies > Select the tenancy you want.

Step 2:

 Select More > Register a Deposit

Step 3:

 Fill in the details and click Save

Step 4:

Then you will see this pop up, it is complete

Custodial Scheme

If your tenants deposits are held in a custodial account you will need to close the current tenancy and then input the deposit on the new tenancy as a “deposit already held”.

Step 1:

Go to Tenancy Statement

Add Transaction then chose analysis code “Deposit Transfer to Rent Account”

*Before closing tenancy ensure all rents/other transactions on the statement are totally paid off. If there any outstanding amounts on the tenancy write them off (How to Handle a Bad Debt) and then add them onto the new tenancy.* 

Step 2:

Close tenancy

Do this by clicking More > Close Tenancy which will open up the window below.

Step 3:

On the NEW Tenancy Add Transactions “Registered Deposit Charge” and “Registered Deposit Already Held”

If you do not have deposit already held transaction on your account please ask for assistance via the live chat.

Step 4:

Allocate Deposit Already Held transaction

You have now completed the process of transferring the deposit from one unit/tenancy to another.

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