Rent Bond
Hell All What is the correct way to account for a residetial tenat bond received that is then paid to the govt bond administrator Thanks Peter H
Forum Discussion
Hi MRBalancedBooks,
Thanks for your post. In this type of situation, consulting with an accountant for an accurate solution is recommended. However, as a general guide, you can manage tenant bonds in MYOB AccountRight by first creating an "Other Current Liability" account to track these bonds if one doesn't already exist. When you receive a tenant bond payment, record it as a "Receive Money" transaction categorized under the tenant bond account. Keep the bond amount in this account until it's time to pay the government bond administrator. Then, create a "Spend Money" transaction using the tenant bond account to make the payment, categorizing it as an expense to the government bond administrator.
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Regards,
Earl
I understand you have a Investment Property and have received a Bond which is then on paid to a Government Body.
Agree with Earl that the receipt is posted to a Current Liability is called Rental Bond paid by Tenant.
Would suggest the payment paid to the Government Body would be a Current Asset.
Both Accounts would be reconciled regularly if more than 1 Bond is held.
Duncan
