Bank Guarantees

[Shaynee]

Hi we just started a project that required us to submit 2 bank guarantees, 1 for practical completion and one for 12 months after completion of project. 

The amount for the bank guarantees has been removed from our account and put into a special term deposit until they are released. 

This is the first time using bank guarantees and am seeking how this transaction would be recorded as unable to find any assistance online. Is it as simple of setting up a new asset bank account code? 

Any assistance appreciated. 

Thankyou 

[Tracey_H]

Hi @Shaynee 

Thanks for your post. As we're not accountants we're not permitted to advise on the applicable accounts or tax codes for those transactions. If you're not sure we do recommend speaking to your accountant.

Once you know what you need to record I'll be happy to assist with how to do that in the AccountRight.

Please let me know if you need further help.

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