QuickBooks 2014

Posted on 2014-08-16
Medium Priority
Last Modified: 2014-08-17
I am new to QuickBooks, and although most of it is self-explanatory, I want to make sure the details are accurate. I am the treasurer for a condo Association. We have three Bank accounts, one of which is an Assessment Account which brings me to what I am sure will be my first of many questions. The Condo Association has had two different assessments since my taking office. I have downloaded all the data from the bank. Going through the transaction list for the Assessment account, I see that there are deposits from two different assessments. I want to create separate sub- accounts for each different assessment. So My question to anyone that can tell me - is: Is this sub- account which I will call "Roof Assessment" is this considered Revenue, Income, or what would the account type be "Bank"? if so - would there be a tax-line mapping? Any help is greatly welcomed and appreciated.
Question by:dawber39
  • 2
LVL 100

Accepted Solution

John Hurst earned 2000 total points
ID: 40265685
Deposits to your bank are assessment revenue. I take these into one bank account, but if your deposit details allow, you can have separate bank accounts. The account type should be "bank"

Now to get the money into QuickBooks (or any general ledger) you need to:

1. Make a deposit. The other side of the deposit is the revenue account where the assessment income is going.   OR

2. Receive the deposit if you had created invoices prior. In this case the deposit is a customer receivable and your invoice did the revenue accounting.

You can do it either way, but your revenue accounts need to have sufficient sub accounts to do the accounting you wish.

Revenue and Income mean the same thing. Revenue accounts have an account type "income"

You do not need to apply tax lines for two reasons: (1) your Accountant won't likely use these and (2) you are likely Not-for-Profit. (this is not certain).

The other side of the Condo Association books are expense accounts and accounts payable. These are bills you get in for the plumber, electrician, electric bills, cable bills, water bills and so on.

QuickBooks can give you a summary of operations (profit / loss) and a balance sheet amongst other things.

Author Closing Comment

ID: 40266102
Excellent, thank you for the information and your prompt response , it is much apprpeciated.
LVL 100

Expert Comment

by:John Hurst
ID: 40266106
@dawber39  - You are most welcome and I was happy to help. If you have other questions about QuickBooks (and accounting), I will watch for them.

Featured Post

Hire Technology Freelancers with Gigs

Work with freelancers specializing in everything from database administration to programming, who have proven themselves as experts in their field. Hire the best, collaborate easily, pay securely, and get projects done right.

Question has a verified solution.

If you are experiencing a similar issue, please ask a related question

Hi, I've just fixed a problem with Sage 50 Accounts 2010 crashing when creating a new Company.  I've spent nearly 4 hours on it including three calls to the Sage helpdesk (they didn't work it out in the end - I did!) ... so I thought I'd share th…
Hi, I've just fixed a problem with Sage 50 Accounts 2011 crashing when creating a new Company.  I've wasted several hours on it so I thought I'd share the solution with others.  Remarkably, the same laptop had what appears to be exactly the same …
Look below the covers at a subform control , and the form that is inside it. Explore properties and see how easy it is to aggregate, get statistics, and synchronize results for your data. A Microsoft Access subform is used to show relevant calcul…
There may be issues when you are trying to access Outlook or send & receive emails or due to Outlook crash which leads to corrupt or damaged PST file. To eliminate the corruption from your PST file, you need to repair the corrupt Outlook PST file. U…

609 members asked questions and received personalized solutions in the past 7 days.

Join the community of 500,000 technology professionals and ask your questions.

Join & Ask a Question