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:

• Historic deposits held by the custodial scheme Xero
• Historic deposits held by the custodial scheme QuickBooks 

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