Managing Deposits

Managing Deposits

Latch helps you track tenant deposits and stay compliant with deposit protection requirements.

Recording a Deposit

1. Open the lease detail page.
2. In the Deposit section, click Record Deposit.
3. Enter:
   • Amount — The deposit amount received.
   • Date Received — When the deposit was paid.
   • Protection Scheme — Which scheme the deposit is registered with (DPS, MyDeposits, TDS).
   • Reference Number — The scheme's reference number.
4. Click Save.

Deposit Protection

In England and Wales, landlords must protect tenancy deposits in a government-approved scheme within 30 days. Latch tracks:

• Whether the deposit has been protected.
• The scheme and reference number.
• Prescribed information status.

Deposit Deductions

At the end of a tenancy, if you need to make deductions:

1. Open the lease.
2. Go to the Deposit section.
3. Click Record Deduction.
4. Enter the reason and amount.
5. The remaining balance to return is calculated automatically.

Deposit Return

Record the return of the deposit (full or partial) to close out the deposit record.

Tip: Always protect deposits within 30 days and serve the prescribed information to avoid penalties of up to 3x the deposit amount.