Handling security deposits
Is everyone recognizing he security deposit as rental income versus creating a liability on a balance sheet - I was told this functionality does not presently exist in Quicken?
From an accounting viewpoint, you can definitely create a liability account and hold the deposits there. Did you try and unable to do so? If so, why/From a tax/legal viewpoint, I don't know if such action is/isn't permitted. You'd need to consult with a tax specialist re: this matter.Q user since DOS version 5
Now running Quicken Windows Subscription, Home & Business
Retired "Certified Information Systems Auditor" & Bank Audit VP0
In Quicken a Security Deposit is recorded in the Edit Rental Property Tenant dialog, Security Deposit tab.A special "*Security Deposit Liability*" account is maintained by Quicken for that purpose.0
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