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seong
Level 1

Utility deposit in chart of account

I understand that sublevel account must match the type of parent account.

 

If the utility is classified as a expense account, how would I classify the deposit I've placed into the utility account (which is recoverable after certain period)?

Solved
Best answer February 06, 2019

Best Answers
john-pero
Community Champion

Utility deposit in chart of account

A security deposit on your utility account is not posted to the expense account but to a Current Asset account. Add an account to track this and any other deposits you may from time to time have to make. You cannot track the two (deposit and expense) together.

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1 Comment 1
john-pero
Community Champion

Utility deposit in chart of account

A security deposit on your utility account is not posted to the expense account but to a Current Asset account. Add an account to track this and any other deposits you may from time to time have to make. You cannot track the two (deposit and expense) together.

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