Omni – Rent Deposit Accounts

Rent Deposit Accounts allow tenants’ deposits to be recorded but excluded from investment valuations.

When a tenant occupies a property, a deposit may be held by the trustees against any damages that the tenant may cause. Although the trustees hold those funds in a bank account, that account will not be an asset of the scheme and so it needs to identified separately.

The menu item ‘Bank, Bank Account’ shows the details of each bank account. There is a box for ‘Rent deposit account’ which identifies when an account just holds a tenant’s monies against future claims.

When this box is ticked, the account will be ignored when producing the investment valuation. A note will also be added to those valuations saying ‘Rent deposit accounts have been ignored’.

When running the Accounts Data and Draft Accounts, transactions are ignored in these accounts if they relate to Other Income, Bank Interest or Other Expenditure. No other transaction types should be used for these accounts.

See also Bank accounts