Recording A Tenancy Deposit
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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:
From the Reconcile page, select Add Transfer from the three dots menu. The software will fill in most of the information, but you will need to set the To Account to be Custodian Deposits.
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
Deposit is sent to the letting agent
Raise an invoice, set the invoice to the Tenancy Deposits category, pay the invoice to the agent account
at that point, you can either leave it where it is (although the balance on the agent account will always include the deposit) or record a transfer from the agent account to Custodian Deposits
Historical deposit
If the tenancy started and a deposit was paid before you started tracking data in Landlord Vision, record this in Banking > Journals.
You can add the property and the tenant in the sections at the top, along with the date of course.
