How to Account for Holding Deposits (QuickBooks Users)

This article is used to Account for your Holding Deposits/Reservation fees as a QuickBooksUser.

Step 1

Go to QuickBooks > Banking then select the bank account you received the payment in.

Select the transaction > Add, then fill out the following:

Type – Deposit

Account – Debtors

VAT – No VAT (Sales)

You also need to choose the relevant contact, unit and give the transaction an appropriate description.

Step 2

Locate the customer ledger on QuickBooks.

Go to Sales > Customers then choose the customer/tenant you created the bank deposit for.

Select the bank deposit.

quickbooks deposit

Step 3

Run a sync with QuickBooks from Arthur.

Step 4

Once the sync has been successful, you will be able to see the holding deposit on the tenant’s rent statement as a payment/credit. This can then be allocated to future rent.

See below for video example:

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