How do I transfer deposits out of the custodial scheme?

Zenya Allen
Zenya Allen
  • Updated

If your Tenancy deposits are transferred to either the DPS, TDS custodial or Safe Deposits Scotland, the steps below show you how to use the custodial scheme routine in your CFPwinMan software which replicates the transfer of deposit monies out of the scheme.

You can:

  • Record money being received back Out of the custodial scheme to
    • The agency for deductions being claimed
    • The Tenant directly

If you have not used the custodial scheme routine, which replicates the transfer of deposit monies into the scheme at the start of the tenancy, please click here for more information on How do I transfer deposits in to the custodial scheme.

This article includes: 

End of Tenancy transfer deposit

At the end of the Tenancy, the deposit is transferred directly out to the Tenant from the Custodial Deposit Scheme. Any claimed deposit will be sent to your agency - both these steps are manged in the Custodial Deposit Scheme record.

  1. Click Custodial Deposit Scheme from the side menu
    1. Alternatively click Information on the main toolbar
    2. Select Custodial Deposit Scheme from the dropdown menu
  2. Click Postings
  3. Tick either Tenancy or Tenant, depending which record you receipted the deposit money at the start of the Tenancy
  4. Search for the correct Tenancy or Tenant. If you select the wrong one, click the ... to search again
  5. Click Req to select the correct entry
  6. Select one of these options
    • Transfer Out – If any money is to be paid to the agent from the deposit
    • Payment Out - If the money has been repaid directly to the Tenant by the Custodial Scheme
    1. If you have chosen Transfer Out, edit the Transfer Total to the amount you have been paid from the deposit
  7. Click Update
  8. Click Payment Out to show the remaining balance has been paid direct to the Tenants
  9. Click Update

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What should I do if I clicked Payment Out when I should have used Transfer Out?

If you have clicked Payment Out in error, you can simply invoice and receipt Deposit Held on the Tenancy. This will put the required entry on the Bank Reconciliation and the funds on your tenancy account ready to transfer to the landlord, or pay to a Contractor or Tenant, as required.
For more information on Bank Reconciliation, click here

What should I do if I clicked Transfer Out when I should have clicked Payment Out?

If you have clicked Transfer Out in error, this will show as an entry on your Bank Reconciliation. You can refund the deposit to the Tenancy, to show the deposit has been paid back, which will give you a contra entry on your Bank Reconciliation.
For more information on Bank Reconciliation, click here

View your transferred deposits

All deposits recorded as being Transferred In through the Custodial Deposit Scheme process, can be viewed in the Custodial Deposit Scheme, Account.

  1. Click Custodial Deposit Scheme from the side menu
    1. Alternatively click Information on the main toolbar
    2. Select Custodial Deposit Scheme from the dropdown menu
  2. Click Account to show all deposits currently registered with the DPS, TDS custodial or Safe Deposits Scotland