Collecting and managing your Deposits doesn't have to be a time consuming, manual process. 10ninety helps you collect and manage your Deposits all without leaving the system, saving time on manual double-entry.
1. Setup the Letting
The very first thing to do is to setup the letting. This allows you to record the Deposit for the tenancy, alongside any Holding Deposits. The system even has the option to calculate the maximum deposit amount allowed for the tenancy, as well as the option to calculate the Holding Deposit at the click of a button.
You can also set the holding location of the Deposit, alongside the relevant Protection Scheme you plan to register and protect the Deposit with.
For agents based in Wales, we can configure your system to use the Rent Smart Wales calculation when calculating the required Holding Deposit. If you would like this enabled, just reach out to our Support Team on support@10ninety.co.uk.
2. Record the Holding Deposit
Once the Tenant(s) have paid the Holding Deposit, you can record this in the system by adding a Tenant Receipt. They system will automatically allocate this payment to the Deposit demand that you created in Step 1.
You can then send the Tenant a copy of this receipt, if you wish, and send them a confirmation email to confirm that the Holding Deposit has been received. The system has a template for this that can be found via Letters & Emails -> To Tenant -> Holding Deposit Received.
3. Request the Remaining Balance
Now you have received the Holding Deposit, and the Letting is approaching its start date, you may wish to send the Tenant a reminder of the balance they are due to pay before the start of their tenancy.
The system has a built-in template for this that can be found by going to Letters & Emails -> To Tenant -> Moving In Confirmation. You also have the option to CC and additional Tenants or the Landlord into this communication if you wish.
All templates present in your 10ninety system can be customised to suit your requirements, so you can make this template as personal to your agency as you wish. Templates can be edited via the 'Templates' Tab in the main menu.
4. Record the Deposit being received
The Tenant has now paid the Deposit, so it's time to record the Deposit payment in full via a Tenant Receipt. Once recorded, your Deposit will show as being fully received and you will be prompted to Register and Lodge it with the relevant Protection Scheme.
You can use the Tenant Receipt Bulk Import feature to import all you Tenant Receipts into the system from your bank in bulk.
5. Register & Lodge the Deposit
The Deposit now needs to be registered with the Protection Scheme. 10ninety can register your Deposit for you; saving you from having to do manually do this via the Protection Scheme. 10ninety can integrate with the DPS, TDS and MyDeposits. There is a one-off setup, as outlined here.
To register the Deposit, simply click the Register link.
Deposits that have been received, but not yet lodged, will flag in your Deposits Not Lodged Alert which can be found by going to Home -> Alerts. You can use these Alert to monitor which Deposits you have now received from the Tenant that still need lodging.
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