Security deposit Accounting

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In Guesty, a security deposit is a sum held to cover any possible loss or damage to your property. A security deposit helps ensure guests respect your property and adhere to house rules. With a security deposit in place, guests are often more mindful of their actions that could cause damage during their stay. If damages are found after the guest checks out, you can use the deposit to cover any incurred costs.

You can track security deposits charged to guests in your Accounting reports. When a guest is charged, a journal entry will be created and 100% of the charge will be paid to you as the PMC. Follow the steps below to split the charge with an owner or vendor and see how to access the report in your Posting Journal.

Splitting a security deposit with an owner

Step by step:

  1. Sign in to your Guesty account.
  2. In the top navigation bar, click the mode selector and select Accounting mode.
  3. Click General ledger and select Posting journal from the drop-down menu.
  4. In the top-right corner, click the plus icon.
  5. Select Credit/Debit from the five transactions listed.
  6. Fill in the required information including how much of the charge you want to share with the owner and be sure to select Credit owner as the transaction type.
  7. Click Add.

Splitting a security deposit with a vendor

Step by step:

  1. Sign in to your Guesty account.
  2. In the top navigation bar, click the mode selector and select Accounting mode.
  3. Click General ledger and select Posting journal from the drop-down menu.
  4. In the top-right corner, click the plus icon.
  5. Select Expense from the five transactions listed.
  6. Fill in the required information including how much of the charge you want to share with the vendor.
  7. Click Add.

Viewing the security deposit report

The security deposit report view is found in the Posting Journal. Follow the steps below to access it.

Step by step:

  1. Sign in to your Guesty account.
  2. In the top navigation bar, click the mode selector and select Accounting mode.
  3. Click General ledger and select Posting journal from the drop-down menu.
  4. In the upper left-hand corner, click Posting Journal.
  5. Under "All", select Security deposit report.

In the security deposit report, you will see the following details of each security deposit transaction:

  • Journal entry date
  • Journal entry description
  • Ledger
  • Guest
  • Vendor
  • Owner
  • Amount
  • Transaction code

Tip:

Customize your report by adding extra columns. Click on Columns in the upper right-hand corner of the report to see the extra column options.

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