How to handle deductions returned from the Custodial Scheme following the end of Tenancy Process using the Arthur Live Bank Feed

This article shows you how to deal with any deposit deductions that have been returned to you from your chosen custodial scheme.

1. Follow the ‘Close Tenancy’ Process

The first step to dealing with any deduction refunded to you via any custodial scheme is to follow the steps outlined in this article: https://www.arthuronline.co.uk/knowledgebase/how-to-return-the-deposit-and-close-off-a-tenancy-statement-after-the-tenancy-has-ended/

2. Locate the Bank Line where the Custodial Scheme has refunded you and select ‘Internal Bank Transfer’

Once you have agreed with the scheme that the Tenant is responsible for paying that amount that has been deducted, the Custodial Scheme will pay this money into your account. Once you have located this bank line, select ‘internal bank transfer‘ and select your chosen custodial scheme account. 

This will now reduce the balance of your chosen custodial scheme account accordingly.