How to handle the new 5 week deposit on a tenancy renewal

Renewing a tenancy is linked to article renew tenancy

Scenario 1 – Create new tenancy and end current one

Old tenancy – Close the tenancy and do rent depost transfer for the deposit to be returned. If the original deposit was £500.00 and the deposit to be returned is £100.00 then return only £100.00

New tenancy-Create in the tenancy in the normal way with the new 5 week deposit.

For Xero users Use “deposit already held” as transaction type as opposed to rent deposit receipt as you have not actually received the funds again.

Scenario 2 – Edit current tenancy with new details

Do a rent depost transfer for the deposit to be returned. If the original deposit was £500.00 and the deposit to be returned is £100.00 then return only £100.00

 

 

 

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