Re: Recording tenant security deposit payments received
Thanks for joining the thread, @CF60.
You can create a journal entry to move the amount from a liability account to an invoice account. And I'll be glad to share a few more options that you may want to consider.
Creating a journal entry to transfer an amount between accounts is just one of the four options you have. Your other options are:
- Imported Bank Transaction
Since the amount is from a liability account, you'll need to create a journal entry to transfer the amount to an invoice account. Here's how:
- Click the Plus icon.
- Select Journal Entry.
- Enter the transaction date in the Journal date field.
- On the first distribution line, in the Accounts field, enter the correct account to the transaction.
- Enter the transaction amount in the Debits or Credits column.
- Choose the customer.
- Click Save and close.
But before doing so, I still recommend seeking help from your accountant. He/she could guide you which option to take based on your recording practice and business needs.
You can also read these articles for the detailed steps and information:
That's it! If you have any other questions, feel free to comment below. We're always here to help you.