How to Understand Accounting for Registered Deposits in Arthur Financials (Non-Xero/QuickBooks Users)

If you are a Xero user, please see “Accounting for Registered Deposits (Xero Users)

If you are a QuickBooks user, please see How to Account for Registered Deposits (QuickBooks users)

Regardless whether you use the insurance based schemes or Custodial schemes the deposits are handled in the same way in Arthur. **For Xero users you will receive funds in Xero via the bank feed and then transfer the deposit within Xero to a another account you have created for your deposits. 

Step 1

Add a Transaction with the transaction type as Registered Deposit Charge. This will create the charge in the Tenant Deposit Statement (filter statement)

Step 2

Once the money have been received, pay off the charge. ** For Xero users DO NOT pay off the charge as this will be done via the bank feed in Xero. Scroll down to see more. 

 

**Note: The date due should be the date the deposit was charged.

You will need to add the receipt of funds using the “Payoff charge” function above. **Note if you are using Xero you will not need this step as the Xero bank feed will be used to assign the receipt.  See below about how Xero Users can handle payments to deposit protection schemes.**

If you are looking to refund the deposit, take a look at the article titled “Refunding a Deposit

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