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Lorrie1's avatar
Lorrie1
User
5 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 in a separate Bank account. 

Thanks,

  • DuncanS's avatar
    DuncanS
    5 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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  • Theresa_D's avatar
    Theresa_D
    Former Staff
    5 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
      5 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