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How to Handle Deposits held in an Insured Scheme (Quickbooks Users)

Create the Registered Deposit Charge in Arthur

Step 1: 

On the tenancy, add a transaction with the transaction type Registered deposit charge. This will create the charge in the tenant deposit statement (filter statement). 

Select Save Transaction and conduct a synchronisation between Arthur and Quickbooks.

add-transaction-xero-users

Step 2: 

Go into your Quickbooks’ ‘Banking’ page and match the bank line with the relevant deposit invoice posted by Arthur

Refunding Deposit

 

Step 1:

Initially, the deposit needs to transfer back into the main tenant account in preparation for its return. This is created in Arthur using the Add Transaction within the tenancy, and use transaction type “Deposit Transfer to Rent Account”

Step 2:

*Ignore this step if there are no deductions to the tenant.*

This is done within the tenancy in Arthur. Select Add Transaction and enter a transaction e.g. sundry charge or disbursement depending on what you’re deducting. This will decrease the amount owing to the tenant.

 

Step 3:

Select More > Close Tenancy. At the point of closing the tenancy you will be prompted to enter a bank account from where the refund is coming from. You will choose the account the refund is paid out from.

Now Sync to QuickBooks

 

Step 4:

In QuickBooks Go to ‘Banking’. You can then reconcile the tenant remittance transaction against the payments (refund) made to the tenant on QuickBooks (see below)

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