Transferring a deposit to a different account

Zenya Allen
Zenya Allen
  • Updated

After you have receipted deposit money into your client account, it will either be transferred to an external deposit scheme (custodial), or, if your agency holds deposit money under one of the deposit schemes (insured), it will need to be transferred into your separate deposit account.

In both of the above scenarios, the deposit is transferred in Alto to a virtual deposit account in order to reconcile the outgoing deposit from the client account.

  1. Click Tenancies on the main toolbar
  2. Select the relevant tenancy from Recent & Favourite Tenancies
    1.  Alternatively, find the tenancy using the Search Tenancies bar in the top right
  3. The tenancy Overview screen will open. Click Actions
  4. In the dropdown menu, click Deposit Bank Transfer
  5. The Transfer Deposit window opens
    1. Transfer Date - This should be the same date you are making the transfer in the bank
    2. Transfer Amount - This will show the deposit amount you have receipted 
    3. Transfer out Bank Account - This should show the account where the deposit was receipted
    4. Transfer in Bank Account - This is the account you will be transferring the deposit into
    5. Bank Reference - A reference can be entered, if required
  6. Click Update

You will now need to make the transfer in real time through your bank account.


The transactions show in the Bank Reconciliation as a debit in the client account, and a credit in the deposit account.

 Best practice

If your agency is registered with an insured deposit scheme, best practice is to move deposit money out of your client account (rent account) and into a separate deposit account where it can be reconciled and audited separately to client money

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