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

How to Account for Registered Deposits (Quickbooks Users)

Step 1: Create the Registered Deposit Charge in Arthur

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: Match the Registered Deposit Charge

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

 

Lastly, coming to the end of the tenancy, the deposits must be refunded to the tenants. Below is the process of doing this:

Step 1 – Transferring the Deposit

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 – Dealing with deductions

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

Ignore this step if there are no deductions to the tenant. If there are deductions, you must undergo the following process in Arthur

In Arthur

This is done within the tenancy in Arthur. Select Add Transaction and enter “Sundry Charge”. This will decrease the amount owing to the tenant and count as a deduction.

 

Step 3 – Remitting to the tenant

This is done in the ‘Close tenancy’ function within the tenancy screen in Arthur. On the left click on the three dots and select 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.

It will create a remittance totaling the sum of Deposit less deductions, which you can reconcile against the payment you are refunding the tenant

When refunding the tenant, select your client bank account as the ‘Remittance bank account'( in the image above). You can then reconcile the tenant remittance transaction against the payments (refund) made to the tenant on QuickBooks (see below)

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