A hire company i use is holding my £250 deposit so i don't have to keep paying it each time i hire.How do i record this is it a purchase credit note.? Thanks
Hi Joel,
This is essentially a loan from you to the hire company. Create a new asset account called 'Hire Deposit' and record a General Transaction from your Cheque Account to the Hire Deposit account. Eventually when you get the deposit back record another General Transaction in the opposite direction.
Regards,