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aeromissions
June 11, 2020
Question

savings money set aside

  • June 11, 2020
  • 2 replies
  • 0 views

I run the quickbooks for a small non-profit. I'm trying to figure out the best way to set aside savings that are being designated for specific future purposes. I'd rather not use classes since I have a few main general classes set up for tracking expenses already (Programs, Administration, and Fundraising). We currently have all our funds in one checking account; so I just need to figure out how to set it up in QBO. Any help will be appreciated!

    2 replies

    Jen_D
    Jen_D
    June 11, 2020

    I'm glad you chose QuickBooks to help run your financials, @aeromissions,

     

    Let's make sure your funds are coded correctly in QuickBooks. If you don't want to use classes for the savings, the Location tracking can help tag information from different sites, offices, regions, outlets, or departments of the same company.

     

    By the time you pull up the reports, you can filter the transactions by location. He're's how to use this feature:

    1. Tap the Gear icon and select Account and settings.
    2. Go to Advanced then click on the Categories section.
    3. Mark the box beside Track locations.
    4. Choose a Location Label you want.
    5. Hit Save then Done.

     

    When creating transactions, fill in the Location field. See this sample screenshot:

    To help you further with your tasks and practice in QuickBooks, consider visiting these Community hubs:

    Let me know how this answer helps or if you need further assistance. I'm always here to assist you. Have a good one!

     

    A
    aeromissionsAuthor
    June 11, 2020

    Thank you for your response. Is there a way for me to actually "move" money on paper within QBO so that I can quickly see what money has been set aside? For example, I wondered if using sub-accounts under my bank account would be a possibility.

    A
    aeromissionsAuthor
    June 11, 2020

    Let me re-word my question this way. We have money in our account that needs to be set aside every month. The money is already in our bank account and based on a specific calculation. We have to save some of that money every month (different amount each month) for future expenses. How do I do that?

    H
    HeatherS14
    October 7, 2021

    Hi - did you come up with a good solution for accrued funds?  I'm trying to do the same thing you were, but QBs doesn't seem to have a good solution...  I'm curious to know whether you found a good fix for this.

    R
    rudeboyrg
    May 13, 2022
    Original commenter did not share additional details
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