How do I Process a Holding Deposit?

As soon as you have created your pending tenancy and assigned your applicant(s), you can begin to process financials for that tenancy. 

If you have taken a holding fee from the tenant, you will need to post that as a receipt onto the tenancy record. You will do that by right clicking from the tenancy record - financial - receive payment

Fill in the details of the receipt:

1: Enter the amount you have received and confirm the bank account the money has come into

2: Fill out the payment date and payment method

3: You can use the payment notes box to confirm what the receipt is for

4: The screen will display how much you now have on account as a balance

5: Save

Your tenancy will then sit with a balance in hand in the client account and on the tenancy record itself to be used as needed towards the rent/deposit etc when these are charged. If the tenancy doesn't go ahead and the money needs to be refunded, you can do so by Issuing a Refund.

If you end up with a scenario where the tenant pulls out of the tenancy and you as the agent are allowed to keep the holding deposit, you can then raise a sales invoice for the fee by right clicking from the tenancy - financial - create sales invoice. Please see here for a link through to creating Sales Invoices for more information on this. 

And you can then allocate your holding fee against it by right clicking from the tenancy - financial - receive payment - DO NOT enter anything into the amount received - simply tick alongside your invoice and save. You would then be able to mark your tenancy as cancelled.

NB: You won't raise a sales invoice for a 'holding fee'. Invoices are charges that are due to you as the agent - e.g management fees, set up fees etc. They are monies that you will be deducting from your tenant or landlord and transferring the money once received out of the client account, into the business account as money that the business has made.