I guess I did have one tenant that didn't pay their final water bill, but I deducted that from their security deposit.

You might have to pay part of their moving costs or deposits on a new place to live.

Hi, I wonder when you collect the deposit and 1st month rent?

Buy and Hold Chart of Accounts should include the following:Assets:Checking AccountSavings AccountTenant Deposit Account(if you have all three - if not, whatever accounts you have)Mortgage Escrow Account (set up as a checking account)Rents ReceivablePrepaid ExpensesProperty AssetOther Depreciable Assets such as Furniture & Fixtures, EquipmentLiabilities:Accounts Payable (if you're using a feature where you record your bills to be paid, then pay them out of the software.  

Then I just write the deposit amount in as received and on file.

In the event any draft or deposit is made without good funds available a fee of $500,000 shall be assessed for each worthless draft or deposit as an accounting charge. 

One spreadsheet for deposits and one spreadsheet for each property.  

I particularly like rental property performance analysis, ability to see each tenant's lease terms, payment history, security deposits, etc., and especially the integration with TurboTax, maximizing rental-related deductions. 

A key detail of the form is that all tenants agree that the deposit remains with the rental ( in a remove/replace situation) and that the new tenant and old tenants need settle the deposit buy in buy out between themselves and that the deposit return check will be made out equally to the tenants including the new ones and it is not my concern how they settle it.  

Check the tanks and heating systems, because that could cost a pretty penny to replace.Also, make sure you account for the last month and security deposit handoff !