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
