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  #1  
Old 06-23-2017, 08:43 AM
Linda3163 Linda3163 is offline
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Location: King Of Prussia PA
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Security Deposit

I manage an HOA that was hosting a block party. The town required a $200 security deposit in case of damages. I created a bill for the HOA and paid the town $200. The town sent us back the $200, as we did not have any damages. How should that $200 be received in QB's?

thanks!
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  #2  
Old 06-23-2017, 09:49 AM
BooksInVA BooksInVA is offline
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Originally, it should have been entered as an Other Current Asset since it was owed to you. If you had damages and lost it, then it would have been moved to an expense.

I am guessing you put it in as an expense, in which case it should go to that expense (the net effect on that expense being $0).
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  #3  
Old 06-23-2017, 01:41 PM
Linda3163 Linda3163 is offline
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This is how i received the $200
1. in deposits i entered vendor/Township
2. From acount-account check was taken from
3. Made deposit

is this correct?


What happens when its reconciled? since the check was never cashed, it will not show on bank statement. But we will have a payment and deposit that is never cleared.
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  #4  
Old 06-23-2017, 01:49 PM
BooksInVA BooksInVA is offline
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OH!!

So they never cashed it and you didn't receive a new check as a refund, it is the same actual check? You can check both during the reconciliation (a deposit and a payment out), or void the check entirely.
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  #5  
Old 06-23-2017, 02:33 PM
Linda3163 Linda3163 is offline
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Thats correct. They sent us back the same check we sent them. It was never cashed or deposited.

I will just void the check.

thank you!
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