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dwill2023
May 3, 2023
Question

How best to catagorize and account for repayable deposits (e.g rent deposit and gas bottle rent)?

  • May 3, 2023
  • 1 reply
  • 0 views

Hello,

 

I'm currently in the process of switching over to Quickbooks Online and was wondering what would be the best way of categorizing my initial business premises rent deposit. I also have a number of propane gas bottles which I payed an initial deposit for. The deposits for both the rent and the gas bottles are returnable to me if for example I moved premises / returned all the gas bottles to the depot.

Up until now on my old system I categorized these deposits under 'Current Assets' in a separate account called 'Repayable Deposits' - would that be the same way in QBO or is there a better/correct way to account for these repayable deposits?

1 reply

A
Ashleigh1
May 3, 2023

Hello Dwill2023, thanks for posting on the Community page, you could do it like that, if you are still unsure what to categories it as we would advise that you speak to an accountant who will be able to advise the best way to categories this in your account. Learn about the chart of accounts in QuickBooks Online

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    dwill2023Author
    May 4, 2023

    Thank you Ashleigh, I think I'll stick with the way I did it originally and check with my accountant as you suggested. Just thought it would be worth checking as I'm new to QBO and I'm unfamiliar with all the features etc.

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