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Deposit sent to dps and then the tenant cancels contract & transfer of deposit

Tips and advice on how to use Landlord Vision.
landlordvision
Posts:23
Joined:Fri May 13, 2016 2:19 pm
Deposit sent to dps and then the tenant cancels contract & transfer of deposit

Postby landlordvision » Fri May 13, 2016 3:42 pm

what do u do when you receive a deposit, which is then sent to dps and then the tenant cancels contract - deposit is forfeited so you need to account for the dps deposit payment. Concern is how do you deal with the tenancy agreement and payment schedule - I guess you can't just delete the tenancy?

david
Posts:7
Joined:Fri May 13, 2016 3:28 pm

Re: Deposit sent to dps and then the tenant cancels contract & transfer of deposit

Postby david » Fri May 13, 2016 3:42 pm

You would set up the tenancy as per normal, recording the deposit under "Deposit Scheme" tab. Here you record the deposit being received from the tenant, forwarded to the DP agent and then the deposit returned from the agent and retained by you (so deposit returned to the tenant would be 0.00). You also need to re-set the tenancy expiry date to be the date that the agreement was cancelled. Please void all invoices that were created during the time that tenancy was active (if the agreement was cancelled on the same date as the start date you may find that a payment schedule was not created).
 
or you can use the deposit retained to pay off any open invoices for the tenancy by going to:
 
Tenant Manager --> Invoices --> Add Credit Note
 
Please enter details and make sure you select "Other Income Account" in Account drop down.
 
Once you have saved the credit note, the "Allocate" button will appear and you will be able to allocate the credit note to the relevant Rent Invoice.

landlordvision
Posts:23
Joined:Fri May 13, 2016 2:19 pm

Re: Deposit sent to dps and then the tenant cancels contract & transfer of deposit

Postby landlordvision » Fri May 13, 2016 3:43 pm

How do you transfer deposits from one tenancy to another e.g. tenant decides to sign up for another tenancy at the end if the first one.
1) sometimes tenant changes to another studio/room in the same property.
2) or at the end of tenancy signs a new tenancy

nick
Posts:11
Joined:Fri May 13, 2016 2:25 pm

Re: Deposit sent to dps and then the tenant cancels contract & transfer of deposit

Postby nick » Fri May 13, 2016 3:43 pm

At the moment there's no option in the software to automatically transfer a deposit from one tenancy to another. Please follow the steps below to manually transfer the deposit to the new tenancy:
 
1. Go to the Deposit Scheme tab of the new tenancy and record the deposit details in the same way you recorded the deposit against the previous tenancy.
2. Go to the Deposit Scheme tab of the previous tenancy and click on the 'Delete' button on the row with the 'Deposit Due' amount.
3. Go to Account Manager/Bank Accounts, click on the 'Reconcile XX items' button against the bank account where the deposit had been paid to, and reconcile again the deposit transaction from your bank statement with the deposit transaction in Landlord Vision.


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