Hello,
I'm currently in the process of switching over to Quickbooks Online and was wondering what would be the best way of categorizing my initial business premises rent deposit. I also have a number of propane gas bottles which I payed an initial deposit for. The deposits for both the rent and the gas bottles are returnable to me if for example I moved premises / returned all the gas bottles to the depot.
Up until now on my old system I categorized these deposits under 'Current Assets' in a separate account called 'Repayable Deposits' - would that be the same way in QBO or is there a better/correct way to account for these repayable deposits?
