If you are going to operate using a Custodial Scheme to deal with your tenants deposits, you must first set up the account in Xero.
Go into your Xero. Select Chart of Accounts within Settings followed by Add Account
Set up as follows;
Note – Ensure that you tick the box that Enables payments to this account. You also have the option to view the account from you Xero dashboard.
Select Financials from the subheadings followed by Bank Accounts. From here select Add Bank Account and set up as follows. Adjust the DPS section of the name to any alternative scheme that you may use.
Now that both bank accounts have been created, it is time to map them. To do this, select Financials followed by Synchronise and Settings under the Xero tab. Select Mapping Bank Accounts
From here, map the deposit account in Arthur with the account that was set-up in Step 1. Once you have selected the right account select Save Mapping.
Note – If you did not select the bank that enables payments to this account then it will not appear on this list, hence the importance of doing this.
Once you have set this up – follow these next guidelines
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