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Applying a security deposit to an outstanding invoice and expense

Hi, 

 

I have a $2,000 security deposit of which $500 needs to be applied to the repair and maintenance account and the other $1,500 needs to be applied to an outstanding rent invoice. How do I go about doing this?

 

Thank you!

3 Comments
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Moderator

Applying a security deposit to an outstanding invoice and expense

Hello bkrasnik,

 

Thanks for posting in the Community. It would be my pleasure to help you process the security deposit in QuickBooks Online.

 

For me to provide you with detailed steps, I need more information about your concern. Can you share with me if you're the Landlord or the customer? Are the rent payments an income or expense to your business? I also want to know if the repair and maintenance are your expenses.

 

Any additional information you can provide will help to ensure a timely solution. The Community is on a lookout for your response.
 

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Level 1

Applying a security deposit to an outstanding invoice and expense

Hi AlcaeusF, 

 

Thank you for your help. The customer/resident is moving out of their unit, but still has an outstanding invoice that must be paid. We want to apply a part of the customers security deposit to the repairs and maintenance account for the damages in the unit, and the remaining amount of the security deposit to the outstanding rent invoice, to reduce the amount due to us from the customer. 

 

We are managing the books from the perspective of the landlord. The rent payments are an income to the business and the repair and maintenance is our expense, but if we apply the customers security deposit to the repair and maintenance account, it would reduce the amount we are required to pay for this expense on behalf of the customer. 

Highlighted
Moderator

Applying a security deposit to an outstanding invoice and expense

Hi again, bkrasnik.

 

I appreciate you for getting back to me with more details. It would be my pleasure to provide information about how to pay the outstanding invoice using the security deposit.

 

One of our peers here in the Community, @qbteachmt, answered a question about this situation on a different thread. I'm adding the link below for your guide:

 

https://quickbooks.intuit.com/community/Reports-and-accounting/Recording-a-security-deposit/td-p/139...

 

Please know I'm always available here to help you with any of your QuickBooks needs. You can reach out to the Community by posting a response below.
 

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