Once you have collected a deposit from a tenant, you need to route the deposit to the correct scheme for payment. This process is known as deposit routing.

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Setting up deposit routing

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Create a supplier owner account

You need to create a supplier owner account to route deposits to the correct scheme. To create a supplier owner account, follow these steps:
  1. Navigate to Owners.
  2. Click Add owner.
  3. Select Supplier as the account type.
  4. Enter the required information, if you are routing deposits to a certain deposit protection scheme, you might name the account after the scheme.
  5. Click Create.
  6. Add the bank account details to the supplier account, these details will be used to pay the deposits to the scheme.
You should only create a supplier account if you are routing deposits to a third party. If you are routing deposits to your own account, you do not need to create a supplier account.

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Create a deposit routing rule

To manage this setting, follow these steps:
  1. Navigate to Settings > Owners > Routing.
  2. Toggle on Deposit routing.
  3. Under Custodial schemes (UK deposits), select the supplier account you created in the previous step for the scheme you are routing deposits to.
  4. Click Save.
Now that you have set up deposit routing, any deposits collected through Yorlet will be automatically routed to the correct scheme for payment.