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I own rental properties - how do I account (in QBO) for tenant security deposits held for the term of the lease (and adjustments made during the term)?

 
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QuickBooks Team

I own rental properties - how do I account (in QBO) for tenant security deposits held for the term of the lease (and adjustments made during the term)?

Hello, @pnfpartners.

 

I hope you're having a great day. You can record security deposits by creating a deposit in QuickBooks. You can adjust the deposits as needed during the term as well. Here's how:

  1. Go to the + New menu and click Bank Deposit.
  2. Choose an Account for the deposit to go in.
  3. In the Received From box, select your tenant.
  4. You'll need to pick an income, expense, or other Account and enter the amount of the deposit.
  5. Press Save and Close.

It's that easy. Now you'll be able to edit the deposit when you need to for the adjustments. I've found a link to a thread that may be helpful as well.

 

Feel free to comment below if you have any other questions. Enjoy the rest of your day!

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