Quicken & Other Budget/Accounting Software/allocated saving percentages
We have one savings account but it is divided into different categories, in which a certain percentage of the savings goes into each. How can I set that up in quickbooks? Is there anyway to set it up to automatically deposit that percentage into each category?
Also can I set up automatic savings deposits?
There are a couple of things to consider before giving you a step by step procedure.
1. Will you need the two catagories to show up on the balance sheet?
Ex Savings account - Repair and maintenance
Savings account - Building Improvements
If this is the case, you will need to set up sub accounts under the savings account for each item.
You do this by clicking on lists
Clicking on chart of accounts
Clicking on Account at the bottom of the window
Click on Add new
(this next step will depend on how you set the savings account up.
You need to select the same type of account (bank, current asset, other asset, if you don't see it in the first window, click on other account types and select the correct account type
click on Continue
Enter the name of the sub account
Put a check mark into the box next to Subaccount of
In the next field, click the down arrow and select your savings account
Enter a description
Click Save and close
Do this for both sub accounts (if you need them)
When you record the deposit - (if it's coming from a company checking account) it will actually be a check and not a deposit. (be careful not to enter these twice)
If the amount of the deposit is the same each month you may enter a memorized transaction that breaks the amounts down to each sub account.
Number (either the check number if you wrote a check, or eft for a transfer)
payee - You can set up an other name called Savings account)
amount is the full amount of the deposit
you can enter the two different sub accounts and amounts (if you set them up)
or you can enter two separate lines using the name you assigned to the savings account as the expense account, and in the memo enter the two separate catagories, one on each line)
Once you have the check set up, click on memorize at the top of the check window.
A separate window will come up to let you name the transaction and set up re-occurring transactions.
Let me know if you need help in setting up the memorized transaction.
Hope this helps