Deposit protection schemes and their deadlines
Where the law asks for a deposit to be protected, such as UK schemes and Australian bond authorities, each deposit carries its scheme. It also carries the day to protect it by and the day to send the tenant's information by. The property manager is reminded before each deadline.
PLANSFrom Growth
The problem it solves
- A deposit is protected on day 31 and the landlord faces a claim.
- The prescribed information is never sent, and nobody can prove it was.
- A deposit held by a custodial scheme is refunded from your own account by mistake.
How it works
- Lease > Configuration > Rent and Billing > Deposit Schemes: each scheme with its kind (Custodial, Insured, Bond Authority), country, Days to Protect, Days to Send Information and website. The UK and Australia country packs fill them in.
- On the deposit's Protection tab, choose the scheme. Protect By and Information By count from the day the deposit was taken.
- When done, enter the protection reference, the date, the day the information was sent and the certificate.
- Lease > Billing > Deposits and Owners > Deposits to Protect lists held deposits not protected yet.
- At the end, enter the release reference and date. A deposit with a custodial scheme or an authority cannot be used or refunded before its release is recorded.
Everything it does
Scheme
- Kind: Custodial (holds the money), Insured (landlord holds), Bond Authority
- Days to Protect: 30 to start with
- Days to Send Information: 30 to start with; 0 means not needed
- Country, website
On the deposit
- Protection scheme, Taken On (first money received), Protect By, Information By
- Protection reference, Protected On, Information Sent On, certificate file
- Release reference, Released On
- Protection Late flag and filter
Country packs
- UK: DPS, TDS and mydeposits, custodial and insured, 30 days to protect and 30 to send information
- Australia: state bond authorities (NSW, Victoria, Queensland, Western Australia, South Australia, Tasmania, ACT), 10 or 14 days
- Packs are added with the country pack
Reminders
- A daily job tells the property manager from 5 days before each deadline until it is recorded
Who uses it
Property managerProtects deposits and sends the information on time.
Lease ManagerKeeps the schemes and records releases.
AccountsRefunds only after a release is recorded.
Where you use it
- Web: Lease > Configuration > Rent and Billing > Deposit Schemes; Lease > Billing > Deposits and Owners > Deposits and Deposits to Protect; the deposit's Protection tab
- Not linked to the schemes' own websites: protection is done on the scheme's site and recorded here
What you control
Settings
- Days to Protect and Days to Send Information: 30 each on a new scheme
- Reminders: from 5 days before (fixed)
Notifications
- Deposit to Protect: to the property manager (or the lease's salesperson), from 5 days before Protect By and while late, by email and in-app
- Deposit Information Due: to the same person before Information By, by email and in-app
- These go to staff only, never to the tenant; each person can switch off a channel, such as email, for themselves; in-app notices always arrive
Works with
Country packsThe UK and Australia packs fill in the schemes and bond authorities.
Questions
Which schemes come ready?
With the UK pack: DPS, TDS and mydeposits, custodial and insured. With the Australia pack: the state bond authorities. You can add any scheme yourself.Does the system register the deposit with the scheme?
No. You protect it on the scheme's own site and record the reference, date and certificate here.Can we refund a deposit a custodial scheme holds?
Not until its release is recorded. Using or refunding it is refused with a clear message until then.Related features
CHECKS, DEPOSITS AND REPAIRSDeposits, deductions and settlementThe deposit is held on a liability account, taken in one go or in parts. At move-out, deductions are proposed from the check. The tenant agrees or disputes each line online. Settle Deposit keeps what is agreed and refunds the rest.COUNTRY PACKSCountry packs: UAE, UK, India, AustraliaPacks for the UAE, the UK, India and Australia load local deposit schemes and certificate types. They add checks such as the RERA rent increase limit, the UK deposit caps and Form C for foreign guests. Every legal point is a draft for your local adviser to confirm.OPERATIONSCompliance certificates, insurance and access codesKeep every safety certificate and insurance policy with its expiry, and be reminded before it lapses. Switch on one setting and a unit whose needed certificates are missing or expired cannot be let.CHECKS, DEPOSITS AND REPAIRSMove-in, move-out and inspection checks with photos and signaturesWalk the unit at move-in, move-out and in between with a check. Check points are cards answered with one tap. The check takes photos, meter readings, the item list, keys and damage. Your staff sign first and the tenant signs last. The tenant gets the PDF; new damage at move-out becomes proposed deposit deductions.
See your buildings on it.
Tell us how many properties and units you have, whether you let your own or manage for owners, and how rent is paid today. We will set up your portfolio with you on SmartMy Lease.