QuickBooks 2014

Posted on 2014-08-16
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
    LVL 89

    Accepted Solution

    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

    Excellent, thank you for the information and your prompt response , it is much apprpeciated.
    LVL 89

    Expert Comment

    by:John Hurst
    @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.

    Write Comment

    Please enter a first name

    Please enter a last name

    We will never share this with anyone.

    Featured Post

    6 Surprising Benefits of Threat Intelligence

    All sorts of threat intelligence is available on the web. Intelligence you can learn from, and use to anticipate and prepare for future attacks.

    Suggested Solutions

    By Linda Saltz Customized item descriptions from bills DO import into a customer invoice!   This is a wonderful tip for companies that want to use generic items like Hardware, Software, Mileage, Travel in their item list which helps keep the i…
    Getting data out of MAS90 doesn’t have to be tedious or time consuming.  With any version of Excel using the included Microsoft Query function, you can access just about any data set or combination of data sets stored in your MAS90 MAS200 Software. …
    To add imagery to an HTML email signature, you have two options available to you. You can either add a logo/image by embedding it directly into the signature or hosting it externally and linking to it. The vast majority of email clients display l…
    Here's a very brief overview of the methods PRTG Network Monitor ( offers for monitoring bandwidth, to help you decide which methods you´d like to investigate in more detail.  The methods are covered in more detail in o…

    737 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

    Need Help in Real-Time?

    Connect with top rated Experts

    22 Experts available now in Live!

    Get 1:1 Help Now