deposit

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

Posted by Joel Evans on Sep 7, 2011 10:18 PM BST

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,

Posted by Mark McLaren (Solar Accounts) on Sep 8, 2011 8:30 AM BST