Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
Hi jishnu-reghu,
Thank you for explaining everything in detail. I'll guide you in recording your payment against your security deposit account.
Since we can't directly take funds from a current asset account to pay a bill or an expense, you can move the funds into Barter/Wash/Clearing account first. Then, record your rent payment against it.
Set up a clearing account:
Move funds from the security deposit account to the clearing account:
Record a bill payment or expense against your clearing account:
Speaking of clearing accounts, it is usually a bank type that has a zero balance and is used when recording barter transactions between customers and vendors. It is also used to move funds between accounts if you can't directly use them on a transaction, like this one. I'm sure your accountant can shed more light on this type of account.
If you have more questions, please feel free to reach back out. Have a good day!
You have clicked a link to a site outside of the QuickBooks or ProFile Communities. By clicking "Continue", you will leave the community and be taken to that site instead.
For more information visit our Security Center or to report suspicious websites you can contact us here