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URL:https://www.learndesk.us/class/6406277259329536/lesson/58b5d69d37fabde81e2c456020a73c4c?ref=outlook-calendar
SUMMARY:Accounting for Cleaning or Maintenance Deposits
DTSTART;TZID=America/Los_Angeles:20260515T190000
DTEND;TZID=America/Los_Angeles:20260515T200000
LOCATION:https://www.learndesk.us/class/6406277259329536/lesson/58b5d69d37fabde81e2c456020a73c4c?ref=outlook-calendar
DESCRIPTION: 


Landlords often collect cleaning or maintenance deposits in the event that the rental space is not cleaned properly when a tenant moves out or damage is done to the unit. If the landlord plans to repay the tenant at the end of the lease, the payment should be set up as a liability on the landlord's books, and no income is recognized in the period the income is received and no expense when the tenant leaves and the deposit is refunded.
A more practical way to account for the deposit is to recognize it as income in the year received and record an expense in the period it is refunded. I like the latter because many landlords do not have adequate books to recall how they treated the deposit when received, and so many times deduct the deposit amount when it is paid out. However your client decides to handle deposits, they need to do it consistently.
If your client chooses to recognize revenue when the deposit is received and expense at the time of refund, the refunds can be recorded...

https://www.learndesk.us/class/6406277259329536/lesson/58b5d69d37fabde81e2c456020a73c4c?ref=outlook-calendar
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