How to Record Refundable Deposit in QuickBooks Online 2022

In QuickBooks, a security deposit is the sort of account that users keep to easily alter late fees and payments. The QuickBooks application is a useful tool for keeping track of and managing refunded funds.

Setting up a refundable deposit in QuickBooks Online 2022 is critical, especially if you rent out your home. Do you have any idea why? It is because it is a form of insurance against the chance of harm to your property. Once your tenant has paid the security deposit, they are responsible for the property’s interiors and exteriors. Keeping track of security deposits, on the other hand, might be a pain when you’re juggling other accounting responsibilities.