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Quicken Classic for Windows
Business and Rental Property Tools (Windows)
Handling security deposits
Brad Turner
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?
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NotACPA
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.
UKR
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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