Quicken & Other Budget/Accounting Software/quickbooks

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Question
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?

Answer
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
http://www.qbalance.com
We sell QuickBooks Software and Support.  

Quicken & Other Budget/Accounting Software

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Linda Saltz, CPA, QBalance.com

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QuickBooks best practices, troubleshooting, accounting, tax We have over 70 pages of website content about QuickBooks tips, running a business, tax and business startup at http://www.qbalance.com

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Accountant and CPA over 20 years. Specializing in accounting software for over 12 years, Certified QuickBooks Pro Advisor, QuickBooks seminar instructor since 1997.
Producer of www.QBalance.com over 100 pages devoted to QuickBooks help and support and training for small business owners in tax and accounting issues.

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