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: Create an Analysis Code
Create an analysis code that allows you to track previously held deposits as the existing ‘Registered Deposit Receipt’ is not suitable. To add an analysis code:
Financials -> Analysis Codes -> Add Analysis Code.
Xero Account – The Custodial Scheme you set up in Xero. Explained in this article
Type – Charge
Debit or Credit – Credit
Paid to/by – Tenant
Default VAT – Not Applicable
Statements – Tenancy Deposit Statement
Step 2: Adding the transaction into Arthur
Select the relevant tenancy Add Transaction and ensure the Transaction Type is set to ‘Registered Deposit Charge’
Choose the date you initially invoiced the tenant for the deposit.
Now, we need to add the analysis code we just created. Again, this is done through Add Transaction and use the analysis code you recently created.
Set the transaction to the date the deposit was received.
Step 3: Allocating the transaction
Before allocating the transaction make sure you are in the Tenant Deposit Statement.
After you have created the analysis code and added it to the tenancy, allocate the transaction in the Tenancy Deposit Statement. This will pay it off.
Now you can sync with Xero. The deposit account you set up in Xero will be credited that amount
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