How to handle the Deposit process using the Arthur Live Bank Feed

Modified on Wed, 20 Mar at 11:18 AM

Before you start registering historic deposits, reconciling transfers out and refunding deposits, it is important that you initially create a bank account to represent your deposits. In Arthur to do this, you will need to create a dummy Custodial bank account if your deposits are held in a Custodial Scheme. Alternatively, if your deposits are held in an Insured Scheme and the money is held in a separate bank account to which you receive your rents, it is important that you also create a bank account.

Note - If your deposit is held in an Insured Scheme and is held in a separate bank account, you will be following the same steps but rather than inputting dummy information, you will input the real information.

The following example shows how to add your custodial scheme account to Arthur, and how to set up the balance:

Step 1: Select Financials followed by Bank Accounts

Step 2: Select Add Bank Account

Within

Payment Type select ‘Bank Transfer’
Short Description enter a name that you can use to identify the bank as a dummy account for your custodial scheme
Within Account Number and Sort Code, enter 0’s

Once you have filled these in, you can select Save Bank Account

Step 3: Set up your Custodial Scheme 'Bank Balance'

Your Conversion Date should be the same as it is for your main bank feed bank account.

Your Starting Balance should be the sum of all the money that the custodial scheme currently holds for your clients. If you have already created your historic deposits in Arthur (article 1, below), you can run a report to see the total of all your deposits prior to your conversion date, which will give you an accurate figure for your Starting Balance (you can ask the Arthur Team to help you make this report).

Following this you can do the following:

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