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Lorrie1's avatar
Lorrie1
Member
6 years ago
Solved

Security Bond held

  Hi, My company holds bonds for childcare that are returned when they leave. Can you please tell me the correct recording of these amounts both receiving and returning and if they should be held i...
  • DuncanS's avatar
    DuncanS
    6 years ago

    Lorrie1 Theresa_D 

     

    Lorrie,

     

    Interesting Post.

     

    How many bonds do you have and how much is each Bond?

     

    I would suggest a separate Bank Account.

    I would have a Current Liability called Security Bonds.

     

    This Bank Account would be agreed to a external system, that lists each Bond, on a regular basis.

     

    There may be State Legislation that applied to the Security Bonds.

    By example, Residential Bonds in NSW are held by the Rental Bond Board.

     

    Duncan

Theresa_D's avatar
Theresa_D
Former Staff
6 years ago

Hi Lorrie1 

 

Thanks for your post.  For specifics such as this, it would be best to speak with your accountant in regards to the correct accounts to assign. One of our partners DuncanS  GDay53  may be able to shine some insight on your inquiry. 

 

Feel free to use the forum if you have further questions.

DuncanS's avatar
DuncanS
Ultimate Partner
6 years ago

Lorrie1 Theresa_D 

 

Lorrie,

 

Interesting Post.

 

How many bonds do you have and how much is each Bond?

 

I would suggest a separate Bank Account.

I would have a Current Liability called Security Bonds.

 

This Bank Account would be agreed to a external system, that lists each Bond, on a regular basis.

 

There may be State Legislation that applied to the Security Bonds.

By example, Residential Bonds in NSW are held by the Rental Bond Board.

 

Duncan

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