Small Business Bookkeeping & Accounting

Small Business
Bookkeeping & Accounting

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Deposits

Another item that has its own spot in your books is deposits you pay for various things, from workers compensations to the cleaning deposit on a rental, to a deposit with the post office for express mail. These are items that will be returned to you when you finish using the service - technically, it's your money that they're holding. These amounts all go into the account called deposits, in our system #1800, which is of course under the Asset section of your Balance Sheet.