How to handle security deposits

[Michael Smith]

Hey BP,

I'm about to close on my first investment property in the next week or two, and after doing some renovations I plan on renting it out. I know that in the state of Florida landlords are required to put security deposits in a separate bank account... but do I need to set up a different account for each tenant, or can I set up one account specifically for all tenant security deposits, as long as it is separate from the account that I use for other business transactions?

It would be so much easier to use one account for all tenants, but I want to make sure that I am running my business properly and not breaking any laws... Thanks!