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August 12, 2023
Question

How to i record my bond paid to the real estate thanks melissa

  • August 12, 2023
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1 reply

DHeraV
August 12, 2023

It's great to have you here in the Community forum, @mblandfort

 

Recording a bond payment is easy in QuickBooks Online (QBO). I'm here to guide you through a seamless process. 


To start with, create a current asset account for the bond. Here's how:
 

  1. In your QBO account, go to the Gear icon, then select Chart of accounts.
  2. Click New.
  3. Choose Assets as your account type.
  4. In the Save account under field, choose an asset account. Note: I recommend consulting your accountant if you're unsure of what account to use. 
  5. In the Tax form section, select Other Current Assets.
  6. Enter the Account name (i.e. Bond).
  7. Once done, click on Save.

 

For detailed steps, kindly visit: Set up an asset account in QuickBooks Online.
 

Since bond payment is not an expense but a money reserve, you can write a check in the meantime and use the account created as the expense for the bond. When it is refunded, you can then create a deposit and use the same bond asset account as the fund source. 

 

Additionally, you can also check out this article to learn how to get a snapshot of your business in QuickBooks: Run reports in QuickBooks Online.
 

I'm still around to back you up if you require further assistance or have additional QuickBooks-related queries. Take care.