Updated almost 8 years ago on . Most recent reply
Security deposit and rental income question
Question about bank accounts. Do you guys keep security deposit in a separate bank account and if so what kind? CD, money market account or just plain bank account? Also for rent, do you open a different bank account for bookkeeping purposes? What if you have more than one rental? Do you do separate bank accounts for each or just bulk everything into one bank account? I want to make everything easy for accounting purposes As well as make it easy on me. If you separate, do you take money out of your personal bank for repairs on the rental or out of the bank account for the rental.