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.

Press Ctrl+W to open the Write Checks window.

TIMESAVER

Or you can click the Write Checks icon on the Home page to open the Write Checks window.

Verify the bank account from which the money will be drawn.

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 Asset as the type.

Enter the name of the new account.

Enter an optional description.

Click OK.

Complete the check by clicking a save option.