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-   -   Setting up Chart of Accounts in Quickbooks 2009 (https://www.askmehelpdesk.com/showthread.php?t=551890)

  • Feb 6, 2011, 11:36 AM
    Clode
    Setting up Chart of Accounts in Quickbooks 2009
    I am setting up the chart of accounts in Quickbooks Pro-2009 for my property management company. I have 1 bank account called "Operating Bank Account": where I deposit all the property management fees.
    Then I have 2 sub-accounts:
    A) "Escrow Account" which is used to pay property taxes, condominium fees etc...
    B) The other sub-account is a series of "Savings Accounts", which receive the money from my customers. This money is then transfer as needed to the "Escrow Account" and the "Operating Account".
    My questions are:
    1) Under what account (Chart of Accounts) should I enter the money received by my customers when I make a deposit into their savings accounts?
    2) Under what account (Chart of Accounts) should I enter the money being transferred from my customers savings to the "Escrow" and "Operating" account?
    Thank you for your answers!

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