Security Deposit/current bill due for Utility

Hi QB Platform,

Nyseg requested a security deposit of $2,681 which included the connection fee of $50 and e-check bank fee of $1 with no invoice(majority of Security deposit to be held until disconnection). The bill was sent for $777.53 less $51 taken as previous credit balance(connection/bank fee), I assumed from the security deposit= balanced owed on bill $726.53

What are the step sequence to journalize these amount so I have the security deposit left in the asset account?

1. Do I need to create a chart of account for Utility Deposit/other assets and then add Nyseg as a vendor and create a journal entry for the bank (credit) sent ($2681)and Utility deposit as the (debit)($2681) with the vendors name to the right.

2. Then once bill balance of $726.53 is posted to the bank account, use a journal entry to record the bill as follows:

Utility expense - $777.53 debit/vendors name to the right

Utility deposit - ($51) credit/name nyseg

Bank payment - ($726.53) credit

Am I on the right track? Please advise.