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R
RHuser
September 4, 2024
Question

Security deposits paid

  • September 4, 2024
  • 2 replies
  • 0 views

There’s lots of answers about security deposits collected, but not about security deposits paid. How do I handle security deposits I pay to property owners? How do I handle it when I receive a partial return of that deposit?

2 replies

S
SashaMC
September 4, 2024

Hello RHuser,

 

Welcome to the QuickBooks Community! For a situation like this, we recommend connecting with your accountant to see what would be the best fit for your company! If you don't have an account, no need to worry. We offer a ProAdvisor where you can interact with experts within your area. Some even offer a free consultation. 

 

  1. Go to this Find my Accountant link.
  2. In the Find an expert in section, choose what you're looking for, then use your search field to enter a City or ZIP code.
  3. Select Search.
  4. Browse through the results and find one that works best for your business. You can click on each ProAdvisor's profile to learn more information about them.


    If you have any other questions, I'm just a post away. Have a wonderful day!
btks
btks
September 4, 2024

When you pay out the security deposit, post it to an asset account.  When you receive it back, post the deposit and credit the asset account. This will track the balance on any security deposits you make.

    R
    RHuserAuthor
    September 10, 2024

    Ok so set the deposit as an asset, but then when I receive the deposit back as less than I paid. How would I record the remaining amount as an expense?

    Rainflurry
    Rainflurry
    September 11, 2024

    @RHuser 

     

    When you receive the deposit back, create a deposit.  Enter the amount of the original deposit as a positive amount and then list the expenses as negative amounts.  That will zero out the deposit asset account, book the expense(s), and the net will be deposited.  

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