How to handle deposits held in a custodial scheme using the Arthur Live Bank Feed

This article will show you how to deal with deposit money received from tenants. It will also show how to deal with the spent item on the bank feed that shows money being sent to the custodial scheme.

Step 1: Raise the Registered Deposit Charge in Arthur

Locate the relevant tenancy in Arthur, select ‘Add Transaction’ and populate the screen as follows. Within Amount Net, enter your deposit amount

Step 2: Reconcile the Registered Deposit Charge

To access the reconciliation page, select ‘Financials’ on the left tab, followed by ‘Bank Accounts’ and then locate your relevant bank and select ‘Start Reconciling’.

On the received item relating to the Deposit, locate the correct invoice and select ‘Match’

Step 3: Locate the money transferred to the Custodial Scheme and select ‘Internal Transfer’

When you locate the Spent Item, relating to the Deposit Transfer, select Internal transfer.

Then select your chosen Custodial Scheme account (if you haven’t added this yet, see this article)

Remember to register the deposit on the tenancy

Locate the Tenancy and select ‘Register Deposit’ within the dropdown and fill in the appropriate information

Closing the tenancy

When closing the tenancy, ensure to select the custodial scheme bank account. This will reduce the balance of the amount held in this Arthur bank account.

In order to see how to close a tenancy and account for deductions returned from the custodial scheme see this article.