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Thanks for stopping by the Community for help, you absolutely can hold the deposit as a security deposit and I'm happy to show you how. Follow along below:
The funds should be treated as a liability to show that it doesn’t belong to you until it’s used to pay for services.
First, let's create a liability account to track the amount of security deposits. Here's how:
Next, create a service item that you can use when recording security deposits. Here's how:
When refunding a security deposit, you must first issue a check for the portion to be refunded.
Here are some articles for the complete details about security deposits:
The information above should help you with the security deposits.
If you have any other questions or concerns, feel free to post them here, night or day. Thank you for your time and have a nice Tuesday afternoon.
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