Cut the Hassle: Reconcile Deposits with DepositAudit

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Tenant deposit reconciliation can be one of the most laborious tasks in property management. Yet, with the current focus firmly on rental industry regulation, and businesses doing everything they can to thrive rather than just survive, regular deposit record reconciliation has never been more critical. That’s why The Letting Partnership created DepositAudit—a solution designed to simplify this essential process and give agents the confidence their records are in order.

Designed to remove the stress of manual reconciliation, DepositAudit highlights any mismatches between your agency software and TDP scheme records.

“When agents come to us for client accounting, we begin by reconciling their protected deposits and in around 95% of cases we find mismatches!” says Jennifer Markham, founder of The Letting Partnership. “DepositAudit was born from our commitment to help agents reduce compliance risks and in the vast majority of cases save money.”

“This is a very, VERY useful report—Two of the results alerted me to issues which could have had serious consequences”

The DepositAudit report includes:

✓ A review of whether deposits are protected within statutory time limits.
✓ Verification that tenant names and details match TDP records exactly.
✓ Checks for mandatory deposit cap compliance.
✓ Checks to ensures live records match between your software and TDP records.

Armed with this information, you can quickly address any discrepancies, keep your records accurate and compliant, and avoid unnecessary penalties*.

Reconcile Your Protected Deposits in 3 Easy Steps

We understand how challenging it can be to manually reconcile deposit records. That’s why we’ve made DepositAudit as simple and efficient as possible:

Step 1 – Complete a short online form

Step 2 – Upload copies of deposit reports exported from your software & scheme provider

Step 3 – Receive your detailed report within 5 working days listing any discrepancies

Agents in England and Wales currently using Jupix, Reapit, or Alto software can benefit from DepositAudit, with plans to expand compatibility to other platforms in the near future.

Why Agents Are Choosing DepositAudit

DepositAudit has been approved by all three Tenancy Deposit Protection schemes and early feedback from users has been extremely positive.

Paul Morris of Scoffield Stone expressed, “This is a very, VERY useful report—Two of the results alerted me to issues which could have had serious consequences.”

The service has also been well received by industry leaders. Steve Harriott, CEO of TDS, highlights DepositAudit’s benefits: “We have worked closely with The Letting Partnership over many years, incorporating their excellent HealthChecks into our compliance process. DepositAudit is another brilliant addition to TLP’s toolkit, streamlining the reconciliation of protected deposit accounts. It will save time, give peace of mind about deposit account integrity, and prove invaluable for portfolio sales, acquisitions, or for businesses switching their deposit protection from insured to custodial.”

Take Control of Your Deposit Records

Don’t let deposit discrepancies expose your agency to unnecessary risks. With DepositAudit, you can cut the hassle and ensure your records are accurate, compliant, and ready for anything.

Click here to get started

You’ll wonder how you ever managed before!

[* in certain cases—like late deposit registration—you could still be liable for penalties, even if corrections are made.]

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