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nbodyl
Level 1

Can you post a bid bond?

Bid bonds
4 Comments 4
john-pero
Community Champion

Can you post a bid bond?

Sure. When you write the charge for the cashier's  check (which is how we used to do it) record it as an other current asset. 

nbodyl
Level 1

Can you post a bid bond?

Ok but this is for a customer and not vendor.  Don't I have to add bid bond as a G/L account?  I'm not sure of the steps on how to record this 

john-pero
Community Champion

Can you post a bid bond?

Yes, you need a separate current liability account to post the received bid bond to. This would be very similar to receivingva security deposit frorm a renter.

 

Go to your chart of accounts, add a new account.  Also set up, if you wish, a service item that posts to the bid bond liability.  Then you can useca sales receipt or invoice to record the bond. Receive payment, deposit or just hold it in Undeposited Funds.

 

If the bond becomes no longer required and you never cashed it you physically return it to customer and void it in QB. If you cashed it you will cut a check to return it.

nbodyl
Level 1

Can you post a bid bond?

No, we didn't get the money from our customer we paid our customer a bid bond amount.  What are the steps for this?

 

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