*This article details how to return deposits to multiple tenants within a tenancy. Only for property managers holding their own deposits.*
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 – make a transaction for each tenant that is being refunded (within the tenancy).
2.Dealing with disbursements (If there are no disbursements/deductions go straight to step 5 then to Step 7)
3.This done through the tenancy in Arthur. Select Add Transaction and enter disbursement charge (these are the deductions). This will decrease the amount owing to the tenant and count as a deduction. Then Perform a sync to Xero
6.Allocate the outstanding credits to the disbursement charges/deductions (in Xero)
7.The balance for the tenancy on Xero should be £0.00. Finally, synchronise Arthur-Xero. Once sync is finished, Arthur balance should also be at £0.00. You can now close the tenancy.
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