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 | | From: | DLC | | Subject: | Security Deposit Forfeit Procedure? | | Date: | Thu, 13 Jan 2005 08:38:16 -0500 |
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 | Security Deposit Processing Example
Using QuickBooks Pro 2004
Tenant Security Deposit was $167.00
Tenant Security Deposit Return Consists of:
Check for damages for $100.00 to landlord.
Check for tenant for $67.00.
Deposit Forfeitied Income to General Operating Checking Account
Chart of Accounts
1120.1 General Operating Checking Account
1120.3 Security Deposit Checking Account
2191 Other Current Liability,Tenant Security Deposits,
5930 Other Revenue, Damages and Cleaning Fees
Debit
Credit
Deposit Security Deposit $167.00 1120.3
2191
Initial Security Deposit
Security Deposit Forfeit (Partial) 5930
1120.3
Write Check to Landlord
Security Deposit Return (Partial) 2191
1120.3
Write Check to Tenant
General Journal Entry 2191
5930
Zeros Out Remainder of 2191
Reflects Other Income
Deposit 1120.1
5930
Transfers Forfeited Amount to
Operating Account
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