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Posted by mikelaskey on September 27, 2007, 8:54 am
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Hi,
I'm relatively new to QB, and the type of "business" I have is a bit
unique.
Basically, it's a student government that has a lot of faculty
associations underneath it. Once per year, we get a big payment that
then needs to be divided up among all of the associations by a
particular formula. After that, the faculty associations can
requisition cheques against that amount, and make deposits if they
have any revenue.
However, we only have one bank account. I'm wondering what the best
way to structure this in QB would be, so that it will be relatively
easy to see the state of each faculty association at a glance. Should
I create an income account for each association and then write cheques
as they're needed? And if so, how should I handle incoming money
(should I create and invoice for a dummy "product" associated with the
group's income account each time they have something new to deposit)?
We also have vendors and inventory, etc., unrelated to the above
problem, but that I can handle normally. I'm just curious as to what
the best way to handle the above dilemma would be.
Thanks for your help!
Mike
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Posted by HeyBub on September 27, 2007, 9:46 am
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mikelaskey@gmail.com wrote:
> Hi,
>
> I'm relatively new to QB, and the type of "business" I have is a bit
> unique.
>
> Basically, it's a student government that has a lot of faculty
> associations underneath it. Once per year, we get a big payment that
> then needs to be divided up among all of the associations by a
> particular formula. After that, the faculty associations can
> requisition cheques against that amount, and make deposits if they
> have any revenue.
>
> However, we only have one bank account. I'm wondering what the best
> way to structure this in QB would be, so that it will be relatively
> easy to see the state of each faculty association at a glance. Should
> I create an income account for each association and then write cheques
> as they're needed? And if so, how should I handle incoming money
> (should I create and invoice for a dummy "product" associated with the
> group's income account each time they have something new to deposit)?
>
> We also have vendors and inventory, etc., unrelated to the above
> problem, but that I can handle normally. I'm just curious as to what
> the best way to handle the above dilemma would be.
>
I am sure someone will suggest 50 separate bank accounts...
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Posted by mikelaskey on September 27, 2007, 10:49 am
Please log in for more thread options > mikelas...@gmail.com wrote:
> > Hi,
>
> > I'm relatively new to QB, and the type of "business" I have is a bit
> > unique.
>
> > Basically, it's a student government that has a lot of faculty
> > associations underneath it. Once per year, we get a big payment that
> > then needs to be divided up among all of the associations by a
> > particular formula. After that, the faculty associations can
> > requisition cheques against that amount, and make deposits if they
> > have any revenue.
>
> > However, we only have one bank account. I'm wondering what the best
> > way to structure this in QB would be, so that it will be relatively
> > easy to see the state of each faculty association at a glance. Should
> > I create an income account for each association and then write cheques
> > as they're needed? And if so, how should I handle incoming money
> > (should I create and invoice for a dummy "product" associated with the
> > group's income account each time they have something new to deposit)?
>
> > We also have vendors and inventory, etc., unrelated to the above
> > problem, but that I can handle normally. I'm just curious as to what
> > the best way to handle the above dilemma would be.
>
> I am sure someone will suggest 50 separate bank accounts...- Hide quoted text -
>
> - Show quoted text -
The person I'm working for doesn't want to set up separate bank
accounts for each group, for accountability reasons, etc. I could set
up separate bank accounts in QB for each group, but then it would be
really difficult to reconcile statements, etc., since we only have one
physical chequing account.
Thanks for your help!
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Posted by Joanne on September 27, 2007, 11:14 am
Please log in for more thread options
> Hi,
>
> I'm relatively new to QB, and the type of "business" I have is a bit
> unique.
>
> Basically, it's a student government that has a lot of faculty
> associations underneath it. Once per year, we get a big payment that
> then needs to be divided up among all of the associations by a
> particular formula. After that, the faculty associations can
> requisition cheques against that amount, and make deposits if they
> have any revenue.
>
> However, we only have one bank account. I'm wondering what the best
> way to structure this in QB would be, so that it will be relatively
> easy to see the state of each faculty association at a glance. Should
> I create an income account for each association and then write cheques
> as they're needed? And if so, how should I handle incoming money
> (should I create and invoice for a dummy "product" associated with the
> group's income account each time they have something new to deposit)?
>
> We also have vendors and inventory, etc., unrelated to the above
> problem, but that I can handle normally. I'm just curious as to what
> the best way to handle the above dilemma would be.
>
> Thanks for your help!
> Mike
One income account, many "classes."
This is something QB does well. When you make the deposit, there will be as
many lines to the entry as you have associations. The deposit will equal
the whole amount. You will be able to print a report to see the income and
expenses (if you also code each check written to its appropriate class) by
class which will show the net of income and expense.
--
Sincerely,
Joanne
If it's right for you, then it's right, . . . . . for you!!!
http://www.jobird.com
Wonders of Western Washington Video collection:
http://www.jobird.com/private/wondersindex.htm
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Posted by Allan Martin on September 27, 2007, 11:35 am
Please log in for more thread options > Hi,
>
> I'm relatively new to QB, and the type of "business" I have is a bit
> unique.
>
> Basically, it's a student government that has a lot of faculty
> associations underneath it. Once per year, we get a big payment that
> then needs to be divided up among all of the associations by a
> particular formula. After that, the faculty associations can
> requisition cheques against that amount, and make deposits if they
> have any revenue.
>
> However, we only have one bank account. I'm wondering what the best
> way to structure this in QB would be, so that it will be relatively
> easy to see the state of each faculty association at a glance. Should
> I create an income account for each association and then write cheques
> as they're needed? And if so, how should I handle incoming money
> (should I create and invoice for a dummy "product" associated with the
> group's income account each time they have something new to deposit)?
>
> We also have vendors and inventory, etc., unrelated to the above
> problem, but that I can handle normally. I'm just curious as to what
> the best way to handle the above dilemma would be.
With all due respect to Joanne who has made some valid sugestions, I submit
that this is indeed possible in QuickBooks but is probably beyond the scope
of a Newsgroup discussion. In any event the exact solution would probably
require a lot more information from you. You may want to research how QB
handles "trust accounts" as part of your solution.
>
> Thanks for your help!
> Mike
>
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