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Advance deposits are an example of an account payable found in the city ledger. When a guest pays a deposit prior to registration, the hotel incurs an account payable to the guest for services to be rendered in the future. Advance deposits from all guests are collected in a common advance deposit account.
Rent Kicker, or Percentage Rent: Common in retail store leases. This is a premium rent payment that the lessor requires and is treated as a period expense. For example, it may be stated in the contract that if sales are over $1,000,000, any excess over this amount will have 2% taken out as a rent kicker. This is not reported as part of the ...
For example, a tenant who writes a rent cheque to a landlord would enter a credit for the bank account on which the cheque is drawn, and a debit in a rent expense account. Similarly, the landlord would enter a credit in the rent income account associated with the tenant and a debit for the bank account where the cheque is deposited.
The rate of interest earned on security deposits typically changes each year. Currently [when?] this rate is set at .06% in the state of Connecticut. [4] The rate is .01% in Chicago, Illinois, but this rate is only payable on buildings with a certain occupancy threshold. [5] A landlord's deductions from a tenant's security deposit must be ...
Step rent, also known as step-up rent or step-up lease, is a type of additional rent term found in commercial real estate where the rent increases or decreases at defined periods. It is generally used to simplify accounting by separating out the increases due to inflation into a separate row in the accounts .
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Single-entry bookkeeping, also known as, single-entry accounting, is a method of bookkeeping that relies on a one-sided accounting entry to maintain financial information. . The primary bookkeeping record in single-entry bookkeeping is the cash book, which is similar to a checking account register (in UK: cheque account, current account), except all entries are allocated among several ...