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Security deposits are indeed in liability accounts, i am looking to have money in my businesses for expenses such as a new roof, a/c unit, my bank is looking to see those reserves as well.NotACPA - QW HBRP 2019 said:As an aside, any security deposits that you've received for those rentals should be held in LIABILITY accounts ... they represent money that you owe back to the tenant (subject, of course, to the need to use the deposit for repairs, missed rent, etc.).
And, I concur with UKR about using Savings Goals.
Is your bank expecting to see those Reserve monies in a separate account? If so, then Savings Goals won't work ... because they are merely a way to "set aside" money within your main checking account.NotACPA - QW HBRP 2019 said:As an aside, any security deposits that you've received for those rentals should be held in LIABILITY accounts ... they represent money that you owe back to the tenant (subject, of course, to the need to use the deposit for repairs, missed rent, etc.).
And, I concur with UKR about using Savings Goals.
"Reserves" in a common and general "accounting" sense are nothing more than debits (increases) is some sort of expense that you see on a P&L e.g., "Change in Reserve for Roof Replacement", and credits (increases) to a some sort of liability Account that you see on a balance sheet, e.g., "[ Reserve for Roof Replacement ]" and if that's what you intend then that's easily done in TurboTax.NotACPA - QW HBRP 2019 said:As an aside, any security deposits that you've received for those rentals should be held in LIABILITY accounts ... they represent money that you owe back to the tenant (subject, of course, to the need to use the deposit for repairs, missed rent, etc.).
And, I concur with UKR about using Savings Goals.
Since I can't "edit": Clearly I meant "that's easily done in Quicken" in the 1st paragraph of my response.NotACPA - QW HBRP 2019 said:As an aside, any security deposits that you've received for those rentals should be held in LIABILITY accounts ... they represent money that you owe back to the tenant (subject, of course, to the need to use the deposit for repairs, missed rent, etc.).
And, I concur with UKR about using Savings Goals.
(You CAN edit IF no one has Liked your post or posted a reply/comment, as has happened in this case). ;-)NotACPA - QW HBRP 2019 said:As an aside, any security deposits that you've received for those rentals should be held in LIABILITY accounts ... they represent money that you owe back to the tenant (subject, of course, to the need to use the deposit for repairs, missed rent, etc.).
And, I concur with UKR about using Savings Goals.
1.My bank is looking for 6 months of reserves per LLC (property) to qualify me for more properties.NotACPA - QW HBRP 2019 said:As an aside, any security deposits that you've received for those rentals should be held in LIABILITY accounts ... they represent money that you owe back to the tenant (subject, of course, to the need to use the deposit for repairs, missed rent, etc.).
And, I concur with UKR about using Savings Goals.
"1.My bank is looking for 6 months of reserves per LLC (property) to qualify me for more properties."NotACPA - QW HBRP 2019 said:As an aside, any security deposits that you've received for those rentals should be held in LIABILITY accounts ... they represent money that you owe back to the tenant (subject, of course, to the need to use the deposit for repairs, missed rent, etc.).
And, I concur with UKR about using Savings Goals.