If a Deal Collapses and you are holding Deposit/EMD funds for a buyer and need to now transfer them to the new Deal this can be done in the following way.
First, you will need to 'Release Deposit' from the old Deal by selecting the Release Deposit option.
Using the sample screenshot above you can now follow the steps -
Post the release
Make sure you select the correct amount for the Trust Release
Be sure to select ' Other' as a reason as this is NOT a refund.
Select the correct Bank Account, for this example, 'Trust'
Be sure to reference the new Deal file number that the funds are being transferred to.
The release date should be for the same day of the new accepted deal or the date of the collapsed deal.
Once you have 'Released Deposit' you now head to the 'Add Deposit’ menu and record the deposit on the deal you're transferring to, following these steps -
Post the deposit
You have now successfully transferred your Deposit/EMD funds to your new Deal in Loft.
On the Xero side
Head to Bills>Awaiting payment