Please note that the unincorporated landlord account type is currently only available if you work with an accountant who is a FreeAgent Partner. You’ll need level 7 access or above to your FreeAgent account to follow the steps below.
Explaining the money paid out of your bank account
Once the money is paid out of your business bank account to the tenant and the transaction has been imported into FreeAgent, navigate to the relevant bank transaction and select ‘Rental Deposits Out’ from the ‘Type’ drop-down menu.
Select ‘Refund of Rental Deposit Received’ from the ‘Category’ drop-down menu.
Select ‘Explain Transaction’ to complete the process.
FreeAgent is registered with the Financial Conduct Authority under the Payment Services Regulations 2017 (register no. 799763) for the provision of account information services.
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