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QuickBooks 2014

Posted on 2014-08-16
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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.
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Question by:dawber39
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John Hurst earned 2000 total points
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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.
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by:dawber39
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Excellent, thank you for the information and your prompt response , it is much apprpeciated.
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by:John Hurst
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@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.
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