My property management company holds $500 for repairs. How would I handle this transaction if I give $500 to the property management company to hold? Then how would I handle it when they use some of this money for a repair?
I did a “Transfer - Owner Contribution” but that doesn’t seem right since it doesn’t show up on the balance sheet.
Now there was a repair under $500 that was paid for out of this reserve and I will have to send money to refill the reserve. What would be the best way to record all of this?