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whslions
November 20, 2024
Question

Sub accounts

  • November 20, 2024
  • 1 reply
  • 0 views

I am the treasurer of our high schools athletic boosters.  We have two bank accounts.  One, the main account,  that is used for non-sport team specific expenses like insurance, membership, online payments and concession sales. 

 

And one bank account, the sports account, that is made up of all the money each individual team has fundraised. When I started using quickbooks, i set each team up as an "other liability", as I needed a starting balance for each team.  Now, however, when money is transfered from the main account to the sports account, I can't then move the money into the right sport "sub account".   I tried using a journal entry but it records the income twice.  I'm thinking that maybe i need to change the type of account the sports teams are set up as but I'm stuck as to what that would be.  Again, the individual sports team balance make up the total balance of one bank account.   

 

Each sports team has a starting balance needs to be able to both recieve and expend money.  And I need to be able to report to each coach their current balances. 

1 reply

S
Shahul Hameed India
November 24, 2024

No need to create sub accounts for two banks. Create two separate banks like Bank Main and Bank Sub under Bank Category in Chart of Account. Now you have two options to transfer one bank to another as follows.

 

Option 1 (Via Journal Entry)

When money transfers from Bank Main to Bank Sub.

 

Bank Main         $1000 Cr.

Bank Sub           $1000 Dr.

 

Option 2 (Via Transfer Entry)

When money transfers from Bank Main to Bank Sub.

 

From Bank Account :

Bank Main $1000 (QBO assumes this as Credit)

 

To Bank Account :

Bank Sub $1000 

(QBO assumes this as Debit)

 

Hope it would resolve your queries.

 

 

 

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