Rent Deposit

We have just moved into a small industrial unit and have had to pay a rent deposit which is refundable. How should we account for this.

Posted by Tom Beattie on Jul 24, 2011 7:24 PM BST

Hi Tom,

Create a new asset account called 'Rental Deposit', then record a General Transaction from the Cheque Account to the Rental Deposit account. When you get the deposit back record another General Transaction in the opposite direction.

Regards,

Posted by Mark McLaren (Solar Accounts) on Jul 25, 2011 10:43 AM BST