[GNC] How to treat accommodation security deposit

[Tony Vanson]

Thanks for that Michael.
I had come very close to the same process but the Imbalance had me tossed.
Cheers

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On Sun, Nov 22, 2020 at 8:54 PM Michael or Penny Novack <
stepbystepfarm at comcast.net> wrote:

> On 11/22/2020 3:29 AM, Tony Vanson wrote:
>
> >
> > 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.
>
>
> It would  be a split transaction, and yes, the "rental deposit" is an
> escrow account, an asset. It is technically owed to you by the landlord.
>
> It is easiest to enter slits (one sided splits) from the account which
> will have the largest amount. In this case, would likely be the bank
> account from which you wrote the check for month's rent plus deposit.
> You put that amount in, then hit "split". You then change the debit
> amount to the amount of rent and specify the account "rental expense".
> You then change the account of the remaining debit from Imbalance to
> "security deposit" << easiest if you have created this account first >>.
> All should then be in balance.
>
> Michael D Novack
>
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-- 
*Tony Vanson*

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