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Transferring deposits

Lisa
Lisa
  • Updated

This user guide will show you how to transfer deposits from the agency to various locations. 

This article includes: 

Transfer a deposit to be held by the DPS (or a custodial scheme)

When adding a deposit to a Preparing Tenancy you will be asked to add a Deposit Scheme.

To transfer to the DPS select:

  1. Deposit To Be Taken By: Our Agency
  2. Deposit To Be Held By: The Deposit Protection Service
  3. Deposit Scheme: DPS
  4. Deposit Notes: Any notes that need to be added relating to the deposit
  5. Click Save 

Once a deposit has been receipted and reconciled against the deposit demand, you will then be able to add the DPS Registration Number via the Register Deposit button on the tenancy Summary tab 

The deposit will then be available to transfer via the Transfer Deposit section on the Accounts section of  the dashboard.  From this screen, tick against the correct deposit to move it from the rent account to the DPS, then click Save

Once transferred, reconcile the deposit amount out of the rent account during your daily reconcile process.

Transfer a deposit to be held by the agency

When adding a deposit to a Preparing Tenancy you will be asked to add a Deposit Scheme.

To transfer to the agency Deposit account, select:

  1. Deposit To Be Taken By: Our Agency
  2. Deposit To Be Held By: Our Agency
  3. Deposit Scheme: The scheme the Deposit will be held in
  4. Deposit Notes: Any notes that need to be added relating to the deposit
  5. Click Save 

Once money has been receipted and reconciled, it will need to be transferred to the Agency Deposit Account via the Transfer Deposit section on the Accounts section of  the dashboard.  From this screen, tick against the correct deposit to move it from the Client Account to the Deposit Account, then click Save

This will issue a Payment Instruction Summary – see below.

TD1.png

The money can then be reconciled out of the Client Account as a debit and into the Deposit Account as a credit.

 Note

If the Deposit hasn’t been reconciled correctly, it will show as Mid Transfer on the Deposit tab of the tenancy. Please click more details for further information. If this is the case, check the reconcile screens for the transaction to process

Transfer a deposit to be held by the landlord

When adding a deposit to a Preparing Tenancy you will be asked to add a Deposit Scheme.

To transfer to the Landlord, select:

  1. Deposit To Be Taken By: Our Agency
  2. Deposit To Be Held By: Landlord
  3. Deposit Scheme: The scheme the Deposit will be held in
  4. Deposit Notes: Any notes that need to be added relating to the deposit
  5. Click Save 

Once money has been receipted and reconciled, the deposit can then be paid over to the landlord. This is done by Generating a Landlord Statement from the Accounts section of the dashboard.

To preview the statement, click on the arrow by the landlords name

 TD2.png

The statement will now show the deposit to be paid over to the landlord as below

 TD3.png

Once the statement has been generated, you will be able to progress the payment through Pay Landlords in the Accounts section of the dashboard.

Transfer a deposit to be held by the Landlord DPS

When adding a deposit to a Preparing Tenancy you will be asked to add a Deposit Scheme.

To transfer to the Landlord DPS select:

  1. Deposit To Be Taken By: Our Agency
  2. Deposit To Be Held By: The Deposit Protection Service
  3. Deposit Scheme: DPS
  4. Deposit Notes: Any notes that need to be added relating to the deposit
  5. Click Save 

Once a deposit has been receipted and reconciled against the deposit demand, you will then be able to add the DPS Registration Number via the Register Deposit button on the tenancy Summary tab 

The deposit will then be available to transfer via the Transfer Deposit section on the Accounts section of  the dashboard.  From this screen, tick against the correct deposit to move it from the rent account to the DPS, then click Save

Once transferred, reconcile the deposit amount out of the rent account during your daily reconcile process

To subsequently transfer to the Landlord DPS, go to the Deposit tab on the tenancy record and click More Details then click Transfer To landlord DPS

You will then be asked to add in a 4 Digit Transfer Code to transfer to the Landlord DPS then click Save

The deposit will now show correctly as being held by the Landlord DPS

Transfer a deposit to another agent, held with DPS

To remove the deposit from the tenancy and deposits held report without causing unnecessary transactions on your bank reconciliation, mark the deposit as being returned to the landlord or tenant directly from the DPS.

From the Summary tab on the tenant ledger, click Special Actions then Return Deposit, you can mark the deposit as Deposit amount returned to landlord by scheme or Deposit amount returned to tenant by scheme by entering the deposit amount in the selected column then clicking Save

This will not add any entries to the ledger and the deposit tab will show as No deposit held for this tenancy

 Note

If the deposit is actually coming back into the agency then the deposit can be returned as normal to the Agency. For more information on returning a deposit held by a custodial scheme click here 

Transfer a deposit to another agent, held by the agency

Follow the steps below to transfer a deposit to another managing agent, when your agency currently holds the deposit.

Go to the Deposit tab on the tenancy in question, then click on More Details 

Click on Transfer Deposit, and transfer the deposit to the Rent Account, then click Save

The money can then be reconciled out of the Deposit Account as a debit and into the Client Account as a credit

In order to pay the money to the new managing agent, you need to set the new agent up as a supplier and add an expense to the tenant payable to this supplier - For more information on adding a new supplier click here and adding a tenant expense click here

Now, from the Summary tab on the tenancy, click on Special Actions, then Return Deposit, this will allow the deposit to be allocated against the outstanding expense on the ledger.

The deposit return will now appear on the tenant ledger and under Pay Suppliers. To make the payment go to Pay Suppliers on the Accounts section of the dashboard. 

The payment can then be made in real life, the transaction will show in your reconcile screen until reconciled.