Rental Bond
Hi there,
I have a new client and he paid Rental Bond from the Trading Account. How should I record the transaction in Reckon Hosted. Do I need to create Rental Bond expense?
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I use an Asset account for Rental Bond - usually no GST. That bond will come back one day so it’s not really an expense. But I’m sure others will disagree, maybe your accountant is the best one to ask how he wants it handled, they all have different procedures
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YES fully agree it's Other Asset account is what i meant as Bonds dont normally come back within one year
Cosmic Accounting Group
Accountants and Tax Agents 22397009
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Thank you Kris and Cosmic. There is a little difference in the transaction amount- would that be ok? The amount in the bond is $13,513.31 but my client paid $13,514.00. Can I just record it to what is paid in the bank?
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This isn't the place for accounting advice. Consult your tax professional.
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Use the amount that was paid, it’s just a cheque posted to the asset account isn’t it. The asset account is the expense so to speak
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Agree with Kris & Cosmic - You can enter it via Make Deposit posting to an Other Current Asset account. If you have the Bond amount payable in another transaction, I would adjust this to make it as per the received payment amount 😊
TIP: It's a long-standing glitch that the Payee name ("Received From") drops out on stand-alone Deposits. Therefore after entering it, locate the transaction in your bank account register to re-add/select the Payee name & re-save it. This will ensure this Deposit shows up under the applicable payee's transactions!
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