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!