When accounting for a security deposit received there are several ways to handle this in QuickBooks. The one thing that can make it challenging is that the tenants will often write one check for both rent and security deposit just before they move in. Well the best way to record the rent in QuickBooks is to post an invoice that goes off automatically each month on the 1st. So the check I receive that includes the security deposit the first time around cannot be posted to the invoice unless that invoice includes the security deposit. But the security deposit is not income, so it has to be set up properly as an item in QuickBooks. This web cast will show you how to set that up along with a few other handy tips.
If you want access to my Book In A Blog on Accounting For Real Estate with everything you need in short step by step videos, visit www.RealEstateAccountingWithQuickBooks.com and sign up today!
Please enjoy the video web cast:
Next Learn how to record the return of the security deposit in QuickBooks
