Accepting an Application and Receipting the Holding Deposit (Moving to Preparing Tenancy)

This article outlines the steps required to accept a prospective tenant's application, move it to the 'Preparing Tenancy' state, and successfully receipt the holding deposit within the Loop platform.

Prerequisites

• The tenant's application must have already been accepted.

Step 1: Move the Application to 'Preparing Tenancy'

Once the application is accepted, the next step is to initiate the tenancy preparation process.

1. Navigate to the accepted application.

2. Locate and select the Prepare Tenancy section.

This action initiates the creation of the 'Preparing Tenancy' record, which is essential for receiving and processing the holding deposit payment.

Step 2: Receipt the Holding Deposit

With the tenancy preparation underway, you can now record the holding deposit payment.

1. Go to the Accounting section within the preparing tenancy record.

   • Note: The system should automatically pull through necessary payment references from the property information.

2. In the central area, select the option to Receipt my holding deposit.

3. Enter the required details:

   • Amount: The value of the holding deposit received.

   • Payment Method: How the payment was received (e.g., bank transfer, card).

   • Received From: The source of the payment (e.g., the applicant/tenant).

4. Add a Receipt for the payment.

Step 3: Post-Receipt Status

• The receipted payment will initially be marked as un-reconciled and unallocated.

• This status will update once you perform your regular banking uploads and reconciliation processes.

Next Steps

After the holding deposit is successfully receipted, you can proceed to:

• Ask the tenant for their first account details.

Need Further Assistance?

If you have any questions, please reach out to the support team:

support@loop.software