How do I record a long term deposit paid to a third party

Andibuyz · ‎July 24, 2020

Hi,

I am just taking on a new lease, as part of the transaction I have to pay a rent deposit which will be held long-term by my landlord (5 years).

How do I record this correctly?

Does the deposit money remain an asset of my business?

Thanks

Andrew

Ashleigh1 · ‎July 24, 2020

Hello Andibuyz,

Welcome to the Community page,

we would advise speaking to an accountant in how you would go about recording this in your Quickbooks.

As we are just technical support and are not trained accountants here.

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