Renewing a Tenancy with a Lower Deposit

Under new regulations, some landlords are finding that they have taken too much deposit.  Here's how to record the change in deposit amount in Landlord Vision, as well as the amount returned to the tenant

In the existing tenancy, tick the Deposit Returned to Tenant box and record the amount that you returned

Next tick Deposit Retained and show how much you still have

The system will now create a credit note for this amount

Expire the tenancy and start a new one at the renewal date

Set up the deposit and enter the new lower amount

Pay off the new deposit with the credit note from the old one

This will show that a portion of the deposit was returned to the tenant and the tenancy continues with the new deposit amount