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 scenariosScenario 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
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   

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:

• Historic deposits held by the custodial scheme Xero

  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:

• Close the tenancy and refund deposit
• On new created tenancy - add registered deposit charge
• Pay off charge as historic deposit - Historic deposits held by the custodial scheme