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  #1  
Old 08-23-2006, 01:37 PM
Frank_N Frank_N is offline
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Tenant Security Deposit

I am a landlord and I closed a tenant's security deposit account today. This is the first time I will not be giving the tenant a full refund, and I cannot figure out how to account for this in QB.

First I closed the account, and had the money transferred into my checking account. I accounted for this. Next, I wrote a check to the tenant, and credited the Sec.Deposit Payable account. Now I need to account for the deductions. I need to deduct $416 for unpaid rent, and $700 for garbage removal and repairs.

How can I do this in QB and have the customer balance end at ZERO?

Any help would be greatly appreaciated.

Frank
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  #2  
Old 09-11-2006, 08:22 PM
Judy J Judy J is offline
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Re: Tenant Security Deposit

Frank,

You would create an invoice for the charges against the security deposit; then apply the deposit to that invoice.

Judy J

Quote:
Originally posted by Frank_N
I am a landlord and I closed a tenant's security deposit account today. This is the first time I will not be giving the tenant a full refund, and I cannot figure out how to account for this in QB.

First I closed the account, and had the money transferred into my checking account. I accounted for this. Next, I wrote a check to the tenant, and credited the Sec.Deposit Payable account. Now I need to account for the deductions. I need to deduct $416 for unpaid rent, and $700 for garbage removal and repairs.

How can I do this in QB and have the customer balance end at ZERO?

Any help would be greatly appreaciated.

Frank
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  #3  
Old 09-11-2006, 10:13 PM
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LauraD LauraD is offline
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If I understand your post correctly, when you issue the check to the tenant:

On the first line, put the total amount of the security deposit payable.

On the next lines, itemize the deductions and expense them accordingly. put the amounts in as a minus . . .

The check to the tenant is for the net amount. If you are using voucher checks, the detail will print on the stub so the tenant knows exactly why he is not getting the full deposit back.

For the transfer from the sec dep bank account to operating, I would just use 'transfer funds' and memo the transaction details.

Hope this is helpful,

Laura
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Last edited by LauraD; 09-11-2006 at 10:15 PM.
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