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How to Handle Deposits held in an Insured Scheme (Xero 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 sync Arthur and Xero.

add-transaction-xero-users

Step 2:

Go into your Xero’s bank reconciliation page and reconcile the bank line with the relevant deposit invoice posted by Arthur

xero-bank-page

 

 

Refund the Deposit

Step 1:

Add Transaction within the tenancy, and use transaction type “Deposit Transfer to Rent Account”

Step 2:

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

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.

Step 4:

Go to Xero Reconciliation page and match the refund to the spent bank transaction.

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