Hi Devin,
Thanks. That was very helpful. I think I have done exactly as you described. I had a tenant move out. They had a $1500 deposit. I added charges worth $1225 onto the “leases and tenants” page. I returned the remainder of the deposit to the tenants and the balance (on leases and tenants) went to zero. Perfect! The only problem now is, when I go to the “balance sheet,” I still see $1225 under “short term liabilities.” Since I have returned the deposit and the balance is at zero, this liability should be at zero, too. What am I doing wrong? When the tenant paid the security deposit, it showed up in my transactions and I categorized it as “Security Deposit.” Same with the $275 I returned to the tenants. Should I change these to “Transfers” or delete them? Thanks a lot!
1 Like