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Balance Sheet Deposits
Category:
State:
Multi-State
Control #:
US-122-AZ
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Word;
PDF;
Rich Text
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FAQ
If the tenant intends to occupy the rental unit for more than one year, the security deposit should be reported as a long-term asset (or noncurrent asset) under the balance sheet classification "Other assets". The landlord that receives and holds the security deposit should report the amount as a liability.
Deposits is a current liability account in the general ledger, in which is stored the amount of funds paid by customers in advance of a product or service delivery. These funds are essentially down payments.
The deposit itself is a liability owed by the bank to the depositor. Bank deposits refer to this liability rather than to the actual funds that have been deposited. When someone opens a bank account and makes a cash deposit, he surrenders the legal title to the cash, and it becomes an asset of the bank.
Fixed Deposit is an asset . It may be classified under the group of Long Term Investments . But it can be turned to cash in a short time!
Deposits is a current liability account in the general ledger, in which is stored the amount of funds paid by customers in advance of a product or service delivery. These funds are essentially down payments.
Fixed deposits invested in banks for less than one year are current assets. Fixed deposits invested in banks for longer than one year are non-current assets. A current asset is any asset that will provide an economic benefit within one year.
Balance Sheet: A balance sheet lists a company's assets, liabilities and shareholders equity at a specific point in time. It's usually thought of as the second most important financial statement, since it shows the liquidity and the theoretical value of the business.
In your accounting journal, debit the Cash account and credit the Customer Deposits account in the same amount. Send an invoice to the customer for the work after it has been completed. Note on the invoice the amount of the deposit previously paid and subtract it from the total amount owed.
A customer deposit is usually classified as a current liability, since the company typically provides services or goods within one year of the deposit being made. If the deposit is for a longer-term project that will not be resolved within one year, it could instead be classified as a long-term liability.
