Erik, suggested using a credit invoice. While the process seems a bit
upside down, from a journal perspective it does what I need it to do. It
debits the security deposit account and credits AR. "Receiving" a check
from the customer in a negative amount (ie writing a check to the
customer), debits AR and credits the checking account. While I would
have preferred crediting AP and processing a payment, i cannot see any
reason not to use Erik's suggestion. Can You?
--
Regards,
Bill Ott
Cell: 919-434-7589
Email: Mailto:bill...@theotts.org
Website: http://www.theotts.org
Profile: http://www.linkedin.com/in/wbott
On 08/07/2013 11:51 PM, Chris Travers wrote:
On Wed, Aug 7, 2013 at 7:59 AM, Bill Ott <bill...@theotts.org
<mailto:bill...@theotts.org>> wrote:
I am running a small building with 17 tenants. I collect security
deposits at the beginning of the least from each "customer". At
the end
of the least I need to return the deposit. I need the customer to
be a
vendor in order to move the deposit to accounts payable and then pay
them from checking. Is there any way short of duplicating the customer
as a vendor to allow this transaction?
There are a number of aspects to this. I would have to work out the
details but there are no reasons you can't post the "income" of the
deposit to a liability account.
How this is done is likely to depend on reporting needs. Do you need
per customer reports of amounts of deposit?
Best wishes,
Chris Travers
--
--
Regards,
Bill Ott
Cell: 919-434-7589 <tel:919-434-7589>
Email: Mailto:bill...@theotts.org <mailto:bill...@theotts.org>
Website: http://www.theotts.org
Profile: http://www.linkedin.com/in/wbott
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Best Wishes,
Chris Travers
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