Re: Returning Security Deposits

[..hidden..]

Bill:

I'm not an accountant but SL user since 2002...

I would set up deposit as a liability account with receivable income and
payable expense as options as it certainly isn't an asset nor revenue...

Don't use AR invoice and use AR transaction to receive the deposite as you
neither offering a service nor selling a part.

Same, use AP transaction (yes, set up customer as vendor, too, it would be
nice to have a button that do that for you)to pay the vendor/customer.

Record both the transactions in the liability account you had setup...

You can cut a check to return the deposit...

This, only get worst if you are selling tangible goods...I know...hope
this works...Tim

> Erik, suggested using a credit invoice. While the process seems a bit
> upside down, from a journal perspective it does what I need it to do. It
> debits the security deposit account and credits AR. "Receiving" a check
> from the customer in a negative amount (ie writing a check to the
> customer), debits AR and credits the checking account.  While I would
> have preferred crediting AP and processing a payment, i cannot see any
> reason not to use Erik's suggestion. Can You?
>
> --
> Regards,
> Bill Ott
>
> Cell: 919-434-7589
> Email: Mailto:..hidden..
> Website: http://www.theotts.org
> Profile: http://www.linkedin.com/in/wbott
>
> On 08/07/2013 11:51 PM, Chris Travers wrote:
>>
>>
>>
>> On Wed, Aug 7, 2013 at 7:59 AM, Bill Ott <..hidden..
>> <mailto:..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
>>
>>
>>     --
>>     --
>>     Regards,
>>     Bill Ott
>>
>>     Cell: 919-434-7589 <tel:919-434-7589>
>>     Email: Mailto:..hidden.. <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.
>> http://www.efficito.com/learn_more.shtml
>>
>>
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