The process for paying deposit funds to a tenancy deposit scheme is the same for custodial schemes and insured accounts.
1. Exporting deposit information
Before paying the deposit funds, the deposit should be registered with your chosen deposit scheme. We have integrations with TDS, DPS, SDS and LPS, making it easy to transfer deposit details to the deposit scheme.
For further information on our current deposit scheme integrations, please select one of the below links:
2. Paying deposit funds
Before proceeding, please ensure the Deposit balance value is sufficient to cover the deposit requirement.
Go to Lettings properties > Other balances > Deposit balances
Within the Select column, select the properties to be paid
From the top-right of the tab, select Pay deposits
Complete the fields within the Make deposit payments pop-up (shown below)
Click Submit - this will add the payments to the BACS schedule (if selected) and draw down the deposit balance
Users should now pay the deposit scheme via the BACS schedule or by making the payments manually through their bank.
Note: The amount field will autofill with the full required deposit amount set in the property record. If you wish to pay the deposit for an individual tenant only, this can be edited to their specific deposit amount, and the tenant can be selected.
3. When the funds clear
When the funds have cleared, and the bank lines are imported into SME Professional, the debiting transactions can be viewed by navigating to Financials > Unassigned lines.
To match these transactions:
Click the edit pencil icon against the debiting transaction.
Expand the Select bank line to match dropdown and select the appropriate transaction.
Click Submit.
Note: If the payments were made using our BACS schedule, the debiting transactions will auto-assign when a user navigates to Bank > Auto assign bank lines.