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Join nowI've created other asset account which is security deposit,
in project for Customer A, i rent a tool in which i need to put in 1000$ in security deposit expense, however some part of the tool broke and i had to pay 400$ for that, I recorded 600$ as bank deposit in security deposit account in project for customer A. i should have a 400$ loss for customer A, however i don't see the 400$ loss in the profit & loss report for customer A. where do QBO record the loss for security deposit?
Assuming this deposit is from a customer, the issue you are finding is the asset account. It should be a liability account. When a customer places a deposit with you, you owe him the money, that is a liability.
Hi there, Dreis.
You'll need to create an expense transaction to record the $400 that you pay for the tool broke. This way, this entry will show in the Profit and Loss report. While doing this, I suggest consulting an accountant. They can help you in categorizing this entry into the correct expense account.
Here's how to create an expense:
For additional information, you can refer to this article: Enter, edit, or delete expenses in QuickBooks Online. This provides steps on how you can make any changes such as cash or check purchases in QuickBooks Online.
After that, you can pull up the Profit and Loss report to see the updated entries. And, I suggest customizing this report to view the specific data. You can check this article on how to perform the steps: Customize reports in QuickBooks Online.
Please open this article on how to manage your pay rates, cost rates, and billable rates to see about the money coming in and going out of your business: What are pay rates, cost rates, and billable rates?.
Please know that you're always welcome to post if you have any other concerns. Wishing you and your business continued success.
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