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Transfer Funds from RENTAL OPERATIONS to SECURITY DEPOSITS HELD

07 - 22 - 20198 --- 1:17 PM CST

I have a Rental Tenant that has Overpaid their Rent by $ 600. I need to Transfer their Rent Overpayment ( which has been Deposited into My Operations Acct ) Into My SECURITY DEPOSITS HELD ACCT. because the Tenant Owes a Balance of $ 600 on their Security Deposit.

 

In my Operations Acct … the "Customers List" shows this Tenants Overpayment as ( - $600 ). I need this Rent Overpayment of ( - $600 ) to be "Credited / Debited ????" to my Security Deposits Held Acct and Show up in the "Customer List" that this Tenants ( - $ 600 ) has been Paid BY the Tenant FROM My Rent Operations Acct. as a Transfer INTO My Security Deposits Held Acct. What is the Procedure to Do This Please ??

Thanks.

LEE

1 Comment
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Re: Transfer Funds from RENTAL OPERATIONS to SECURITY DEPOSITS HELD

Since you have already received the money, create an invoice for the security deposit (posts to a Other Current Liability regardless of where funds end up) Apply the overpayment (if it produced a credit memo use that - or apply payment to both rent and s.d.) Then it is a relatively simple matter of physically moving the money from one bank account to another and then recording same in QuickBooks. That can be a Transfer or an Expense, check from the operations account and deposit to the deposit account

BTW, it is not paid by the transfer of money, it is paid by the collection of money from tenant