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Posted by Mr . . on July 28, 2006, 12:01 pm
Please log in for more thread options Lets see if I understand. If I have one bank account where all the income
is deposited into and all the expenses are paid from I may still need to
have a combination of class & subaccounts to keep things straight?
I was using quicken, and had one main checking, one main savings, and then a
checking account for each of the outlying businesses. So I'd write a check
from the main check account to pay the bill for outlying business location A
and then copy that transaction to the business A's account. Same thing for
deposits, I'd put it in the main acct and then copy it to the outlying
location acct.
This allowed transfer of funds from the main account to the outlying
location account, but reduced the main checking an raised the outlying
loctation... when in reality the $ was still in the main account.
I figured setting up quickbooks with one checking and one savings would fix
this by using an assigned class for each deposit and expense, then I could
pull a monthly report to see the 'total' for the classes, which would
reflect the 'split' of the main bank account associated with each outlying
location.
I have setup the chart of accounts to reflect something like:
Expenditures:
Inventory purchase:
hats
shirts
pants
shoes
Office
printer paper
printer ink
misc
Income:
Inventory sales
hats
shirts
pants
shoes
Other income
donations
misc
So for each transaction I've been selecting one of the accounts from the
chart of accounts, and then selecting the outlying location from the class
list.
But now I want to close down one of the outlying locations and bring their
portion of the funds into the main account and have that class reflect a
'zero balance'.
not sure how...
the idea of subaccounts, one for each outlying locaiton would not really
improve things from the way I was doing it in Quicken, I'd still need to do
two entries; one for main acct, and one for the other acct?
or am I misunderstanding?
mr.
> Mr . . wrote:
> > sub accounts? Are these similar to the same 'accounts' as Office
expense,
> > auto milage, etc. Or would the sub accounts be different?
>
> Classes exist for accounts that print on the P&L, they do not exist for
accounts
> that print on the balance sheet.
>
> An account is something that is listed in your chart of accounts.
>
> Any account can have sub accounts. The main account is the total of the
sub
> accounts plus any entries to the main account (other on reports). Sub
accounts
> can have sub accounts.
>
> How you set up your chart of accounts is something you should ask your
> accountant. Done wrong it will cost you 10X to fix it later.
>
> You asked about a cash (bank) account.
> 1000 Petty Cash $200
> 1001 Petty Cash - Location A $10
> 1002 Petty Cash - Location B $20
> 1003 Petty Cash - Location C $30
> 1004 Petty Cash - Home Office $40
> petty cash - other $100
>
> That's how it might look. You'll have to decide what works for you and I
> suggest you talk to your accountant NOW.
>
> 10 to 1 you will be using both classes and sub-accounts, or decide you
don't
> need to track balance sheet accounts by location and go with classes only.
>
> > If I did create sub accounts, would I be able to assign an expenditure
to
> > one of the outlying businesses or record their income similar to using
> > classes? Or would I be using both classess and sub accounts?
> >
> >> Mr . . wrote:
> >>> I created the initial quickbook file with a class for each business
> >>> location, but all the $ for each location resides in one physical bank
> >>> account.
> >>>
> >>> I want to transfer funds from one business location (class A) to
another
> >>> business location (Class B).
> >>>
> >>> What type of transaction do I enter? Invoice, Sales? Enter direct
into
> >>> checkbook register?
> >>>
> >>> Mr.
> >> Balance sheet accounts don't have classes. Because they don't have
> > classes you
> >> can't transfer period.
> >>
> >> What you might do is create sub accounts in the bank account.
> >>
> >
> >
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