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Chapter 15. Recording Your Assets > Recording Deposits As Assets

Recording Deposits As Assets

Sometimes you might need to make a deposit to establish credit or as an advance or a reserve against future services you expect to receive. This type of deposit is considered an asset and should be recorded as such. Deposits of this nature technically belong to you and increase the value of the company. The first time you write a check for a deposit you might need to set up a new account to track your company's deposits.

Record Deposits As Assets

Press Ctrl+W to open the Write Checks window.

Enter the Payee information.

Verify the date.

Enter the amount of the deposit.

Enter Deposits as the account name (or whatever name you choose for this asset).

If this is a new account, an Account Not Found window appears. Click Set Up.

Select Other Current Asset as the type.

Enter the name of the new account.

Enter an optional description.

Click OK.

Complete the check and click a save option.


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