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This guide has been reviewed against our global client base and classed as relevant to the following regions: UK

This article outlines the process to follow to raise the tenant deposit


1. Held by setting

From the tenancy:

  • Click Financial & Extensions/Renewals tab

  • Held by specifies whether the deposit will be paid to the landlord or held by the agent


2. Tenancy Deposit Details

From the tenancy screen:

  • Click Manage Deposit
    The Tenancy Deposit Details screen is displayed 
  • Deposit Held: shows the total deposit currently held and the amount(s) invoiced, paid or credited
    Each area shows the number of transactions and the date of the transaction; for
    For example, if the deposit is increased mid-way through the tenancy there may be two deposit invoices
    • Deposit Invoiced: allows additional deposit invoices to be raised (i.e. if the deposit amount is to be increased) and shows details of the deposit invoice raised
    • Deposit Paid: allows receipt of a deposit invoice and shows transaction details of any deposit payments received
    • Deposit Credited: if a deposit invoice has been raised but not paid, a credit note for the deposit can be raised here; if the deposit has already been paid, the refund deposit function must be used to refund money to the tenant


3. Transferring to Landlord or Agent Deposit Account

Whether the deposit is transferred to the landlord’s or agent’s deposit account is dependent on the Held by setting - see step 1

From the Tenancy Deposit Details screen (shown in step 2):

  • Click the link in the Transferred Out section to create the transfer record transactions
    Only cleared payments can be transferred
    • If set to Held by us, the option to transfer the deposit To Agent Deposit A/C will be enabled
    • If the landlord is to hold the deposit, the Transferred Out link will create a payment to the landlord
    • If the deposit is held by Deposit Protection Scheme, the Transferred Out will create a payment to DPS


Info

The transfer payment will appear next time the BACS and Cheque Run is carried out



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