The rent deposits coming to the bank account, but its not an income. So what can I do with it? Should I make an invoice them or what?
I also need to know if I have to send back deposits, which paid in the last accounting period (which is accounted by another software), how can I tag them?
You can create a new liability account and call is Rent Deposit account , any rent deposit you take or pay you can tag it from bank
We have a similar situation (we take damage deposits for rooms we hire out), but I’d like to be able to send people an invoice showing the hire charge plus the refundable damage deposit.
The account under liabilities doesn’t show up as an option in the invoice.
How should this be shown on the invoice?
How do I make a liability account for rent deposits please. And do I just tag the bank incoming money to it ?