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

  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/

  1. Locate the Bank Line where the Custodial Scheme has refunded you and select ‘Assign To’

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 ‘Assign To’ followed by ‘Liabilities’.

Within…

  • Who: DPS – if you do not have a contact already for the DPS, select ‘Add New Payee’
  • Description: Deposit Return – [Tenant Name], [Unit Name]
  • Transaction Type: Deposit
  • VAT: No VAT

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