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How to handle a deposit when a new tenancy is created and the deposit moves across from the old tenancy to the new one

There are three scenarios

Scenario 1

  1. Where a new tenancy has been created for an existing tenant and the deposit has been passed over.
  2. You are integrated with Xero or QB
  3. the deposit is held with a custodial scheme.

 

The first step – Close the old tenancy and refund the deposit as normal. When closing the tenancy please ensure you select your “Dummy deposit bank account”

Click here – For steps on how to close the tenancy within our new closing tenancy screen.

Steps on how to handle deposits held in custodial scheme Xero or QB

 

Second step – Upon creating the new tenancy

  • Within the tenancy add registered deposit charge : tenancy > statement > add charge > select “registered deposit charge”
  • Add transaction ” deposit already held ” – allocate to the deposit charge.

Please note “deposit already held ” is a custom analysis code that is mapped to your custodial scheme nominal code in Xero or QB

for further instructions on deposits already held please see:

 

Scenario 2

  1. Where a new tenancy has been created for an existing tenant and the deposit has been passed over.
  2. Using Arthur only

Steps:

  • Close the tenancy and refund deposit
  • On new created tenancy – add registered deposit charge and pay off the charge from the drop down arrow.

Scenario 3 

  1. Where a new tenancy has been created for an existing tenant and the deposit has been passed over.
  2. Using Arthur Live bank feed
  3. the deposit is held with a custodial scheme.

Steps:

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