Accounting for Rental Deposits
Jayne
Registered Posts: 2 New contributor ๐ธ
Can anyone tell me how I should account for rental deposits which will be repaid on the termination of the rental. Should the deposit be included in the income for the period in which is received?
0
Comments
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Hi Jayne
You would hold it on the balance sheet as a liability until it was repaid. If it doesn't get repaid you treat it as income when the tenant leaves.
Regards
Dean
(another 'is it income' thread...... see what happens this time )0 -
Thanks Dean0
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