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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).
Dealing with disbursements (If there are no disbursements/deductions go straight to step 4 then to Step 5)
This done through the tenancy in Arthur. Select Add Transaction and enter disbursement charge/sundry charge (these are the deductions). This will decrease the amount owing to the tenant and count as a deduction – make a deduction transaction for each tenant that is being refunded (within the tenancy).
Allocate the deposit transfer to rent account transactions to the relevant deductions. In this example I allocate £5000 deposit for Virgil to a £76 deduction leaving Virgil with a £4,924 deposit refund.
Once all deposits are created and allocated to the relevant deductions for each tenant. Select More > Close Tenancy. Then create the remittance transaction.
You can match the refunds on the reconciliation page in QuickBooks after syncing.
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