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Advance security deposit

Hello Sir my company started quick books software and i am facing a issue that i want to discuss with you and want the solution about that .. my company deal with oxygen Cylinder and when we give a cylinder to customer we take advance security deposit so i want to know how can i record that Advance security deposit ...when i make a credit memo then QB mix up that security with customer receivables while i dint want to mix up these ....kindly suggest me solution ?

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Best answer August 17, 2020

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Moderator

Advance security deposit

Hello Atif Khan, 

You can treat the advanced security deposit as retainers. 
 

This process allows you to add a deposit in a holding account (liability). You also have the option on when you want to affect the amount on the customer's current balance. I have this article that has the details in managing retainers.

 

You can run a quick report on for the advanced security deposit account to check it from time to time. Just open the Chart of Accounts from the List menu or use the keyboard shortcut CTRL+A. Then, select the account and press CTRL +Q. You may sort or filter the report by customer name. 

 I would also recommend to confer with an accountant for further insights.

 

You can always reach out to us if you need anything else.

View solution in original post

1 Comment
Highlighted
Moderator

Advance security deposit

Hello Atif Khan, 

You can treat the advanced security deposit as retainers. 
 

This process allows you to add a deposit in a holding account (liability). You also have the option on when you want to affect the amount on the customer's current balance. I have this article that has the details in managing retainers.

 

You can run a quick report on for the advanced security deposit account to check it from time to time. Just open the Chart of Accounts from the List menu or use the keyboard shortcut CTRL+A. Then, select the account and press CTRL +Q. You may sort or filter the report by customer name. 

 I would also recommend to confer with an accountant for further insights.

 

You can always reach out to us if you need anything else.

View solution in original post

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