Holding deposit - configuration option

Owned by Fiona Wilson, created
Last updated: Mar 23, 2023
4 min read

This guide has been reviewed against our global client base and classed as relevant to all regions

A configuration option is available which allows a holding deposit to be displayed/entered and a maximum value for the deposit to be set

When a holding deposit is being logged on the system it can be managed via the tenancy, as outlined below

To enable this configuration option, click here to contact Reapit Support

1. Access holding deposit field

From the tenancy screen, Financial & Renewals tab:

  • Holding deposit figure is displayed on the left, it can be a set figure or set to a specific amount of rent, e.g. one week's rent
    This field is editable where your security settings allow

  • Held (to the right of holding deposit) allows you to see the holding deposit that is currently being held and, to date, how long it has been held for
    If displayed in red, the amount of days the deposit has been held for has exceeded the number of days deemed as acceptable (as set in system configuration)

It is possible to override how long a holding deposit can be held for at tenancy level, click here for more information: https://reapit.atlassian.net/wiki/spaces/RW/pages/1797586968

2. Managing the holding deposit

When you are set up to be able to manage the holding deposit

From screen shown above:

  • Click link beside Held
    Holding Deposit Details screen is displayed

  • Click Invoiced for the option to raise a holding deposit invoice or to view details of funds already raised

  • Click Paid to pay the holding deposit invoice or view details of funds already paid

  • Click Credited to raise a credit note or view details of existing credit notes

  • Warn days allows the number of warning days or warning date to be updated - the option to reset to default is also available (which uses the number set-up in system configuration)

To refund or allocate the holding deposit (to then allocate towards future rent, for example), click Refunds / Allocate holding deposit to get access to the Tenant Refunds screen where the refund can be processed

3. Reporting on holding deposits

From the Lettings main menu:

  • Click Reporting and Analysis and select Query Transactions

  • Enter your criteria, including:

    • in Transaction Type, select Deposit

    • in Category, select Holding Deposit 

  • Click Report
    A list of all holding deposits currently held on your tenancies will be displayed

4. Client/Trust Account reconciliation report

Holding deposit information is available in the Client/Trust Account Reconciliation report

From the Lettings main menu:

  • Click Client/Trust Account Reconciliation

    • All report types (Excel, Summary, Detailed) contain a holding deposits section
      e.g. choosing Excel breakdown will display a Holding Deposits Held tab and displays a breakdown of any outstanding deposits held, such as the balance, property address, landlord and tenant detail

5. View overdue holding deposits on Organiser

Details of overdue holding deposits can be viewed on the Property Management panel of the Organiser, click here for more information (step 4): https://reapit.atlassian.net/wiki/spaces/RW/pages/1797586968