Frequently Asked Question

How to Transfer Deposit Held to an other Tenant.
Last Updated 4 months ago

These notes relate to when the deposit is held by the managing agent. It is not applicable where the deposit has been sent to an outside agency.

This type of transfer is typically done either when a tenant moves from one flat to an other or when he technically 'moves' when a flat is sold by one managed landlord to an other managed landlord.

1. Go to the Tenants Maintenance screen.
2. Make sure that the tenant has been updated with a Leave Date.
3. If the tenant is in arrears then transfer the arrears balance to the new tenancy so that the balance is zero. See FAQ How to Transfer a Rent Ledger balance from one tenant to an other
4. Click on the blue Refunds button at the top.
5. The refund calculation should show the deposit being refunded in full.
6. Fill in other relevant fields and options and click Process.
7. The appropriate ledger transactions will be generated - a type F to release the deposit and type G to make the refund.
8. You will need to do a Manual Reconciliation between the type G refund and the type E entered below. See FAQ Reconciliation Types.
9. It is a good idea to go to Rent Transactions Maintenance and enter into the Note field of the G transaction the reason for the refund - something like: Transfer of deposit to HIGH/B to to sale of unit.
10. Go to the new tenancy and enter types D and E as for a normal deposit being held by the managing agent.
11. Finally, do the Manual Reconciliation between the G and the E transactions.

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