How to explain a rental deposit repaid to a tenant using the FreeAgent mobile app
This article describes how to use the FreeAgent mobile app to explain a refundable rental deposit paid out of your bank account to a tenant if you have an unincorporated landlord account in FreeAgent.
Please note that:
- you’ll need level 7 access or above to your FreeAgent account to follow the steps below
- you’ll need to explain the money received from the Tenancy Deposit Scheme (if applicable) and the money paid out to the tenant
- any changes you make using the FreeAgent mobile app will be reflected in the desktop version of FreeAgent
If you've received a refundable deposit from one of your tenants, find out how to explain a rental deposit received from a tenant.
Explaining the money paid into your bank account
If you’ve received a deposit back from a Tenancy Deposit Scheme and the relevant bank transaction has been imported into your FreeAgent account via a bank feed, you will need to explain it using the appropriate ‘Type’ and ‘Category’ as detailed below.
Open the FreeAgent mobile app on your iOS or Android device and log in using your FreeAgent login details if prompted. If you’ve accessed the app recently, you may be logged in automatically.
Tap the three-lined 'hamburger' icon at the top-left of the FreeAgent mobile app and select 'Banking'.
Choose the relevant bank account from the list and select the transaction that relates to the rental deposit.
Select ‘Rental deposits in’ from the ‘Explained as’ drop-down menu and select ‘Receipt under Rental Deposit Scheme’ from the ‘Category’ drop-down menu.
Select ‘Explain transaction’ or ‘Save’ to complete the process.
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 ‘Explained as’ drop-down menu.
Select ‘Refund of Rental Deposit Received’ from the ‘Category’ drop-down menu.
Select ‘Explain transaction’ or ‘Save’ to complete the process. Find out more about how to explain bank transactions on the FreeAgent mobile app.