Quicken & Other Budget/Accounting Software/quickbooks
I have a savings account in which I set aside different amounts for different things, insurance, amergancy, gifts, vacation, legal, taxes, etc. I don't really want to open separate accounts for each. Is there a way to enter my deposits into savings and have it go into the various categories. So I can keep track of each categories balance?
Set up sub accounts under the savings
List menu > chart > right click add new > type = bank ,
name > Savings- Insurance > click the box for sub account and make it
a sub account of your savings account.
When you deposit funds into your savings - allocate to the appropriate sub accounts.
When you reconcile the account - only reconcile the parent savings account.
When you move $ back to checking for payment of the expense, be sure to transfer the
money from the sub account to the checking account. Banking menu > transfer funds.
To set up the beginning balances do a Journal entry
Company menu > Make JE
Debit the sub account , credit the parent savings account.
Next time you reconcile the savings account, be sure to clear the
Je(s) you created to set up the beginning balances.
Hope this helps,
Linda Saltz, CPA
Advanced Certified QB Advisor
We sell QuickBooks Software and Support.