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Sep 13, 2023 12:36 PM UTC
Question

Deposits from tenants, how to allocate it

Deposits from tenants, how to allocate it. I  use a deposit scheme which hold the tenants deposit. How do I record the amount, as I don't want to be charge tax on this amount as I am only looking after it. How do I categorise this please?

1 reply

Sep 13, 2023 2:15 PM UTC

 Hello Judy6, thanks for posting on the Community page, So you can do a bank deposit to a liability -type account to show this in your account and put the vat down as no vat so you don’t get charged for this.  We would advise that you speak to an accountant as well if you're unsure as we are just technical support not trained accountants.