Record Security Deposit in QuickBooks

How to Record Security Deposit in QuickBooks Enterprise 2015, 2016 & 2017

In QuickBooks when a customer or a client applies for an order of a specific product which is more in number or the expenses are more for the product may be for the quality or the quantity a security deposit is done for keeping the customer aware of the fact that the specific amount is with the company using QuickBooks for the security purpose.

This security deposit keeps the track of the customer’s payments and transactions during the tenure of the business with the company using QuickBooks so that every pay detail is ensured and monitored. If the customer is a fraud or leaves the payment pending, a security deposit in QuickBooks is very productive and helpful.

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Benefits of Security Deposit in QuickBooks:

  • A different account is created for the security deposit to keep it authentic and visible for any Vendor or User in QuickBooks.
  • A prepaid expense also is eligible if the security deposit has been done or recorded in QuickBooks
  • Security Deposit provides data security by keeping the customer aware of the security deposit in QuickBooks for getting accurate accounting safely.
  • The security deposit is refunded if there are no dues seen and analyzed.
  • A security deposit can always be added to the invoice just for the data scene or the refund purpose.
  • For the return of QuickBooks security deposit, accounting is very clear in terms of expenses or details.
  • The Security deposit is referred to as the refundable deposit and is recorded for quality purposes.

To Record Security Deposit in Quickbooks

For the recording of the security deposit in Quickbooks when the account is made with the accounting of the details of the customer or any person doing business in Quickbooks.

Security Deposit is generally recorded at the time of customer’s registration with Quickbooks and is specified to the user as this deposit is for security reasons to keep it secure and authentic. The services are explained to the customers with the security deposit.

How to Record Security Deposit in QuickBooks

Here are the steps to record a security deposit in QuickBooks. following all these steps to record a security deposit.

  • First, you go to the Chart of Accounts
  • After that create a liability account and name it other assets
  • You can use this account to collect rent and security deposits and assets.
  • Create a new product and name it Security Deposit
  • This product will contain all information regarding security deposits made by you or made to you.
  • Users who are receiving these security deposits, those users can prepare their receipt by making, so that it can show in the appropriate account
  • Users who are paying these security deposits can prepare a bill for them so that they can show it in the appropriate account.
  • After that, you save it and close it.

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