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JessicaZ
April 9, 2019
Question

Deposit Funds to a Trust company

  • April 9, 2019
  • 1 reply
  • 0 views

I paid rental deposit $5000 to a trust company"B" by check.  When I pay first month rental fee $6000, the landlord "A"apply $2500 deposit on the first month fee. So I paid 3500 first month to Landlord "A" .  

How to record these transactions?

I put $5000 as prepaid expense. Is the payee B or A?    

If under B 's account, how to apply on A's first month fee.  

1 reply

L
LauraAB
April 9, 2019

Hi Jessica,

 

Knowing how to record these kinds of transactions and where to allocate the funds is a key part of making sure your books are balanced. Considering the complexity of the payments, I recommend speaking with an accountant to work out how they would best be recorded and to whom. That way you can ensure that everything is as it needs to be.

 

QuickBooks Online makes it easy for your accountant to help look at and manage your books. Each QuickBooks Online account has room for two accountant users in addition to the regular users on the account. With accountant access, they'll be able to see and help you manage your transactions with special accountant tools. Read the following article to learn more: How to manage an accountat user in QuickBooks Online

 

If you don't already have an accountant, QuickBooks can help there too. Use the Find a pro to help tool in the My Accountant tab of your account to search for accountant in your area by postal code.

 

See you next time and I hope you enjoy your day!

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