Recording A Tenancy Deposit
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Recording A Tenancy Deposit
This is really simple to do.
Tenant Paying the Landlord :
Navigate to Income > Invoices > click the green + > complete all the fields on the next screen > Under the section 'Income Items' > select the category 'Tenancy deposits' > Save. Then simply add the payment to this invoice or reconcile with your bank account.
Landlord forwarding the deposit to the deposit scheme:
Navigate to Banking > Journals and add a journal
Credit the bank account with the deposit amount
Debit the Custodian Deposits account with the deposit amount
Holding Deposits.
A holding deposit is more like advanced rent. There are a couple of ways to record a holding deposit:
This is really simple to do.
Tenant Paying the Landlord :
Navigate to Income > Invoices > click the green + > complete all the fields on the next screen > Under the section 'Income Items' > select the category 'Tenancy deposits' > Save. Then simply add the payment to this invoice or reconcile with your bank account.
Landlord forwarding the deposit to the deposit scheme:
Navigate to Banking > Journals and add a journal
Credit the bank account with the deposit amount
Debit the Custodian Deposits account with the deposit amount
Holding Deposits.
A holding deposit is more like advanced rent. There are a couple of ways to record a holding deposit:
Raise an invoice for the holding deposit via Income > Invoices > click the green + > and then a smaller invoice for the rest of the rent when it comes. *This option is easier if the tenant does not stay and needs to be refunded
OR
Raise the first month's invoice and part pay it with the holding deposit
Return of a deposit from the tenancy scheme:
Navigate to Banking Journals and add a journal from the Custodian deposits account to the bank account
