Re: Returning Security Deposits

On Wed, Aug 7, 2013 at 7:59 AM, Bill Ott <..hidden..> wrote:

I am running a small building with 17 tenants. I collect security
deposits at the beginning of the least from each "customer". At the end
of the least I need to return the deposit. I need the customer to be a
vendor in order to move the deposit to accounts payable and then pay
them from checking. Is there any way short of duplicating the customer
as a vendor to allow this transaction?

There are a number of aspects to this. I would have to work out the details but there are no reasons you can't post the "income" of the deposit to a liability account.

How this is done is likely to depend on reporting needs. Do you need per customer reports of amounts of deposit?

Best wishes,

Chris Travers

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Regards,
Bill Ott

Cell: 919-434-7589
Email: Mailto:..hidden..
Website: http://www.theotts.org
Profile: http://www.linkedin.com/in/wbott

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Best Wishes,

Chris Travers

Efficito: Hosted Accounting and ERP. Robust and Flexible. No vendor lock-in.

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