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Invoice deposit for Administration

hi this is kyle from unitco and welcome to my youtube channel for today's video i will tackle how to apply security deposits to an invoice in quickbooks online so what are security deposits security deposits is an amount of money that a renter pays when beginning to rent a property that can be used to pay for any damage the renter causes to the property so basically in the landlord's point of view security deposits are liabilities not an income because they are refundable and deductible if there's no damage to the property after the ramp period so how do we set up security deposits first we're going to make a new liability account for security deposits so in order to do that go to accounting chart of accounts click the green button that says new then click liability select account under other current liabilities tax form section other current liabilities account name security deposits description security deposits click click save and the next thing that we're going to do is in order for us to apply it on invoice we should add security deposit as services and to do that go to sales center product and services click new click service name security deposit deposits an income account as i've said security deposits are not an income it's a liability so um we're going to put the liability account that we made earlier here's the deposits after that click save and close and after we set up the liability account and service we can apply it now to an invoice and to do that click plus new select invoice choose the customer choose or add the customer that you want in this case we're going to choose diego rodriguez and here product services security deposit description security deposits invoice for example the security deposits is two thousand five hundred dollars two five then this is not taxable because this is not an income check that and the terms click you receive and in which day for example the current day on july 15 2022 so save and close and that's it that's how your record security deposits using an invoice in quickbooks online thank you