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Retaining some deposit and using for rent owed

Tips and advice on how to use Landlord Vision.
alisonsajw
Posts:1
Joined:Wed Jun 23, 2021 11:47 am
Retaining some deposit and using for rent owed

Postby alisonsajw » Mon Jul 25, 2022 10:40 pm

Hi all

I'm totally confused !!

I have a tenant who has left one of my rentals and requested i use her deposit to pay her outstanding rent.
I am following the instructions in the help section on 'Retained deposit' and it doesn't make sense at all.
It shows the amounts I have retained within the deposit scheme tab. It creates a credit, which i then following instructions that tells me to allocate this credit against the rental invoice outstanding, which I do, BUT, it doesn't show the amount in my Bank Account or reduce the amount from the Deposit Bank Account !!!!
Has anyone else done this before, am I missing something ??
Any help on this would be gratefully apprectiated.

Regards

Alison :D

roy
Posts:80
Joined:Tue Aug 23, 2016 11:38 am
Location:United Kingdom

Re: Retaining some deposit and using for rent owed

Postby roy » Wed Jul 27, 2022 9:43 am

Hello Alison

Thank you for your post

When you tick Deposit Retained, the software raises a credit note which can be used to pay (or part pay) another invoice. As this is a credit note, no payments are written to the bank account as at this point, no money changed hands, you simply freed up money that was given to you at the start of the tenancy.

The Tenant Deposits account should show money coming out of it though, and you should see an equal sum going in to another account - in this case Rental Income. You can see these in Settings > Chart of Accounts

Kind regards
Roy


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