How to Handle Deposits Already Held by a Custodial Scheme (QuickBooks Users)

This is for tenants whose deposits have been collected and are held in a custodial scheme prior to the setting up of your Arthur account.

Step 1: Setup Accounts in Arthur

Do this by following this article setting up your deposit account (QuickBooks)

Step 2: Create an Analysis Code

In this step, we are creating an analysis code that will allow you to track your previously held deposits. To add an analysis code in Arthur select Financials > Analysis Codes > Add Analysis Code.

Set-up as follows:

arthur-online-analysis-code

QuickBooks Account – Arthur – Custodial Scheme

Debit or Credit – Credit

Paid to/by – Tenant

Default VAT – Not applicable

Statements – Tenancy Deposit Statement

Step 3 – Adding the transaction into Arthur

Go onto the tenancy you wish to add a transaction for. Select the statement then add the charge.

Select Add Transaction. Within “Transaction Type”, select “Registered Deposit Charge”.

add-arthur-online-transaction

Input the date the deposit was invoiced to the tenant.

Next, create a “Registered deposit already held transaction.

adding-transaction-arthur-online

The date should be the date you initially received the deposit.

Step 4 – Allocating the Transaction

Before allocating the transaction make sure you are in the “Tenant Deposit Statement”.

tenant-deposit-statement

Now you can sync with Quickbooks. The deposit account you set up in QuickBooks will be credited that amount.

Step 5 – Finding the Transaction in QuickBooks

Select Accounting > Chart of Accounts.

Arthur – custodial scheme will be updated with the deposits.

chart-of-accounts

Go into the Account History to find the deposit.

bank-account-history

 

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