How to Record Security Deposit in Quickbooks

Welcome to the Community, @DavidFriedl. I’g here to ensure you’re able to record the partial refund of your security deposit and its remaining corporeality in QuickBooks Online (QBO).

You lot’re on the right track in setting up a current nugget account calledSecurity Deposit Receivable
for the $5000 security eolith. Since you’ve already received a $4700 fractional refund, let’s first enter a vendor credit. Information technology helps ensure this will hit the expense account you’ve paid to the belongings owner. Then, make a depository financial institution eolith to record the refund. After that, utilize
Pay Bills
to link the bank deposit to the vendor credit. This way, it lowers the current nugget balance on your
Balance Sheet
written report. I’ll guide you how.

To enter a vendor credit:

1. Get to the+ New
   push from the left bill of fare.
2. SelectVendor credit
   nether
   Vendors.
3. Choose the landlord from the
   Vendor
   drop-downwards.
4. Enter theCategory details orParticular details depending on how you record purchases with the property owner.
5. ClickSave and close.

To eolith the money y’all got from the refund:

1. Go to the+ New
   button from the left menu.
2. ClickBank deposit
   under
   Other.
3. Select the account in theAccount driblet-down.
4. Go to the
   Add funds to this deposit
   section.
5. Choose the
   Vendorin the
   Received from
   column.
6. SelectAccounts Payable
   to tie the refund to the vendor credit.
7. Cull thePayment method.
8. Enter
   4,700
   equally the refund amount.
9. ClickSave and close.

The screenshot below shows you the final vi steps.

Once done, allow’southward select
Pay bills
 nether
Vendors

from the
+ New
 menu. That way, you’ll be able to link the bank eolith to the vendor credit. You’ll meet the
$iv,700.00
 amount in the
Credit Practical
 field, and the
Payment
should be
$0.00
. Information technology keeps your vendor expenses authentic in the software. The screenshot below serves as your visual guide.For the detailed instructions, see
Pace 3
through this article: Enter A Vendor Refund.

After that, let’s run the
Balance Canvas
 report.When yous click the amount for theSecurity Deposit Receivable
account, its transaction report opens. You’ll be able to see the subtract from its original residual from $five,000 to $300. You can also clickCustomize to get the specific information you need for your business. View the screenshot below for your visual reference.

For your second concern, yous can
enter a notation
 for the remaining $300 amount from the vendor’s profile in the meantime. Information technology reminds yourself whether information technology’ll be refunded or not in the future.

If you’ll receive the refund from the property possessor, create a vendor credit and a bank deposit then y’all can link them. Just repeat the process above. If non, I’d suggest creating a journal entry for the $300 deviation. With this, yous’ll need to consult your accountant to decide the appropriate accounts in the
Debit
and
Credit
columns. That way, we tin ensure your books will remain accurate.

You lot can always get to the
Transaction List
of the holding owner. From at that place, you can view, edit, copy, impress, void, or delete their transactions. Doing so volition assistance you efficiently manage your vendor transactions in QBO. For more details, visit this article: How To View All Transactions For A Vendor.

I’ll be right here to help if you demand anything else. Wishing you and your concern continued success while using QBO, @DavidFriedl.