[GNC] How to treat accommodation security deposit

[Tony Vanson]

Thanks guys for the useful info.
I've temporarily gone the quick and ugly route by using separate entries
while I mess around with getting up to speed with "splits" as it applies to
my problem.
Cheers

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On Sun, Nov 22, 2020 at 6:29 PM Edward Bainton <bainton.ete at gmail.com>
wrote:

> If no need for anything official, this is probably moot, but
>
> I would guess it depends on your jurisdiction. In the UK I understand the
> security deposit to be a contingent asset: it's not your property, although
> it's in your possession and you may become entitled to it at some future
> date. (This also is more or less moot, because it's now mandatory in the UK
> to place the deposit with a licensed deposit holder - but that doesn't
> change the underlying legal basis afaik.)
>
> It probably ought to be kept segregated from your other funds therefore, as
> it's property held on trust.
>
> This may affect the accounting treatment? I'd be interested to know - but
> only out of interest: it doesn't affect me personally.
>
> On Sun, 22 Nov 2020 at 10:46, Doug <lemans4 at internode.on.net> wrote:
>
> > Tony,
> >  I am no Accouintant, but the way I would attack it is to set up a cash
> > account for the bond (security deposit), then split the payment into
> bond &
> > rental (into another account, or as a Draw).
> >  When the bond is returned, that credits into the bond account, hopefully
> > leaving it at zero balance. (hint: the account can then be hidden if you
> no
> > longer need to see it)
> >  I also have old ´sleeper´ accounts: a hidden main account zzzz (bit
> > obvious: a snooze!) then drop old unused accounts into that main account.
> > Keep safe!
> > regards, Doug (in sunny, relatively covid free Australia)
> >
> >
> > On Sun, 22 Nov 2020 15:29:36 +0700
> > Tony Vanson <tonyvans70 at gmail.com> wrote:
> >
> > > Hi all,
> > > Using Windows 10 Home
> > > GC 4.2
> > >
> > > I anticipate renting a property for 1 month and will pay the rental up
> > > front plus a security deposit amount which will be returned at the
> finish
> > > of the rental period. I am totally in the dark how to approach this.
> > > Do I need some kind of split? The rental expense is a straight forward
> > > expense, but how do I input the security deposit - I tried it as an
> asset
> > > but that didn't work and doesn't seem right. Various other things i
> tried
> > > usually came up with an Imbalance entry.
> > > I would really appreciate some guidance on this.
> > > Cheers
> > >
> > > --
> > > *Tony Vanson*
> > >
> > > *The older I get,*
> > > *the better I was*
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> > --
> > Doug <lemans4 at internode.on.net>
> > _______________________________________________
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-- 
*Tony Vanson*

*The older I get,*
*the better I was*