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July 22, 2021
Question

Setting up sub-accounts to capture income and expenses for a recurring annual event.

  • July 22, 2021
  • 1 reply
  • 0 views

Suggestions on how best to handle the following in Quickbooks desktop.  Our organizations puts on a demonstration each year with multiple instructors.

 

We wish to assign both income and expenses specific to each instructor. As instructors and their subject material change from year to year the names assigned to the respective account will change accordingly.  If I set up an account for each instructor by name for 2021 then I can't use those same account numbers in 2022 and so on.  What I have done for this year 2021 is used an existing account 47250 (5 digits) and created sub-accounts (6 digits) and used the same rationale for 2022 as follows:

47250                    Workshop Fees

472501                  2021 Instructor ABC

472502                    2021 Instructor DEF

472503                    2021 Instructor GHI

 

472504                    2022 Instructor ABC

472505                    2022 Instructor DEF

472506                    2022 Instructor GHI

 

Expenses have been set up the same way.

 

Is this the best way to handle this or are there better ways.  Your assistance is most appreciated.

1 reply

July 22, 2021

Hi Carving,

 

It sounds like you put off an interesting event. How you have set it up is an option. I have another option that might work for you, depending on how you require your data to be reported.

 

How you set up your accounts will depend on how you need to track the amounts. If they can all go into one account and you only need to see the results broken up by session/instructor, you could look at using class tracking. You create a Class List and add a Class to the transactions related to those income and expenses. When you've completed the event, you can pull up a Profit and Loss by Class report. If you like to look into Class Tracking, review this article: Set up and use class tracking in QuickBooks Desktop

 

Let me know if you have any questions. I'm here to help. Take care.

CarvingAuthor
July 23, 2021

Thanks very much for your prompt reply Tammy.
Before I attempt to try your alternate suggestion is it possible to open a "practice account" on Desktop? I can see that there is an option to open a "Sample File" but will this come preloaded with either our own data or fictitious data? I really do not want to screw up our main account. Regards

July 23, 2021

Thanks for reaching back out for clarification, Carving. The sample file will be fictitious data and is a separate file from your company file, so go for it. Another suggestion would be to back up your file before making any changes. If you're not satisfied with the way it's working, restore the file from your prior backup.

 

I'm here to help if you have any other questions. Have an awesome weekend!