Rent deposit opening balances

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1

Hi. im just starting using QF and want to account for historic rent deposits held. Is there a way to show opening balances per property - or what do I need to do to achieve a list like this/ show on balance sheet? thanks.

2

Hello @Catllp

This may help - Landlord Bookkeeping Basics

3

Hi Steve. Had a look at the Landlord Bookkeeping Basics but it doesn’t explain how to show rent deposits already received on the balance sheet - and assign them to the individual tenants. Ive already entered them against each tenant in the Landlord dashboard but don’t know what to do next to achieve the above. thanks

4

Hi. are you able to give me a steer on the last question? thanks

5

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7

Hello @Catllp

Sorry about the late reply (I didn’t receive the notification of your reply)

Have you entered an opening trial balance for the company?

e.g. this can be done per code or as a journal

If it is entered as a journal your opening trial balance would be you balance sheet balances at the start of the year.

To show the breakdown of rent deposits instead of posting 1 line to code 0151 split it by tenant giving an appropriate reference.

Here’s a simple example

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If you enter the balances per code (on each nominal) you can only enter 1 value as an opening balance.

For more information on opening balances and entering your trial balance please refer to your accountant as they would be able to give you tailored advice on this.

8

Thanks - didn’t think of that. Ive actually put them to 2331 Rent Deposits now to show as liability - is that right?
I haven’t got a trial balance and starting afresh with putting in this accounting package. In this journal though what account does the debit side go to? Sorry for my ignorance :(. If it’s suspense, what do I do next to move it out of the there?

Cheers

9

Hello @Catllp

I haven’t got a trial balance and starting afresh with putting in this accounting package. In this journal though what account does the debit side go to? Sorry for my ignorance :(. If it’s suspense, what do I do next to move it out of the there?

That is the point of a trial balance, it balances, It would depend on your situation.

Example

“I start a business and put 1000 into my bank account”

There are a few ways to record this and all of which balance

1. Enter as a bank transaction
You Enter a Money in transaction on the bank - one side affects the bank balance, the other side goes to suspense, When you tag the transaction the suspense side is moved accordingly

2. Enter as a journal Trial Balance
Debit Bank
Credit Directors Loan account

3. Entered as separate opening balances
Debit Bank
Credit suspense
Then
Debit Suspense
Credit Directors Loan account
(Suspense would net off to zero after all balances are entered)

In your case “starting afresh with putting in this accounting package”

Do you mean

  • The business is starting from scratch?
    If so the rent deposits can be entered on the bank and tagged to a nominal of your choice as per method 1 above

  • You are starting using QuickFile from the start of a new year?
    If so you will have the balance sheet from the previous year from your old accounts which can be entered as a trial balance as per option 2 above