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?

Comments

  • NotACPA
    NotACPA SuperUser ✭✭✭✭
    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 VP
  • UKR
    UKR SuperUser ✭✭✭✭✭
    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.

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