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June 21, 2020
Question

Setting up sub accounts after entries made to a regular account.

  • June 21, 2020
  • 1 reply
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I want to set up sub accounts for damage deposits received. Currently everything is in one account. If I set up sub accounts, do I need to adjust the parent account so there is no duplication? 

1 reply

June 22, 2020

Hello PatMcC,

 

Using sub-accounts in the chart of accounts is a great way to organize and manage your books in even more details. I can appreciate wanting to know how these accounts interact with each other in QuickBooks Online to make sure you have everything as it needs to be.

 

When you enter a transaction that allocates to a sub-account, the parent account will also display that same transaction. It isn't duplicating it in this instance since it's the exact same transaction as the one in the sub-account. On reports and in other areas of your books, the amount will be calculated once. This means, if you were to delete it from the parent account, it would also disappear from the sub-account.

 

I've got a couple of articles here that might be useful to you for this situation.

If you'd like to work with someone one-on-one in setting up this kind of account and seeing how it works, feel free to reach out to support using one of the following options.

 

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Wishing you the best!