I'd like to use sub accounts to my main checkbook account. Is this possible with quicken? If you're wondering why.... I'd like to send the paycheck $ to 'accounts' for various planning items, bills, upcoming expenses, etc. But since the $ is still in checking, I'd like to be able to reconcile the main account with all the data from the subaccounts included. I've used categories, but they tend to just help me track where the $ goes as it leaves the account. The budget feature is similar, it lets one build a budget based on category expenses, but if I send the $ to a category right after the check comes in quicken thinks the money is gone and the category reflects a + number. That would be fine, but since the bank account showed the $ going out to the category (which now shows +) the account cannot be reconciled. Suggestions, other than subaccounts as mentioned in the initial question? Ideas are very welcomed.
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In order to keep your books organized and make reports easy to compile and read, QuickBooks offers you the option to set up sub-accounts under various account headings, so that you can track expenses not only by the type, such as travel, but also the types of things you may need to purchase while traveling, like meals, car rental, hotels and petty cash. This way, all of these sub-accounts show up under the travel heading, making reports easier to read. You can add sub-accounts to any parent account in your chart of accounts.
Setting Up Sub-Accounts
1.
Click the 'List' menu and choose 'Chart of Accounts.' Click the 'Accounts' menu at the bottom of the window, then click 'New.'
2.
Click the 'Type' drop-down list and choose your sub-account type: 'Income,' 'Expense,' 'Liability,' 'Asset' or 'Bank.' Types for sub-accounts must be the same as the parent account type -- for example, you cannot use an Income account as a sub-account for an Expense account. Put a check in the box labeled 'Sub-Account of' and choose a parent account from that drop-down list.
3.
Click the 'Tax Line' drop-down list and choose an appropriate tax line. Consult your accountant or refer to the QuickBooks Support article about tax lines (link in Resources). To avoid double entries showing up on your tax forms, only assign tax lines to your sub-accounts.
4.
Enter a starting balance in that field, if you have already been tracking spending in this account. If this account is new and you have yet to enter the first transaction for it, leave the starting balance as zero. Click the 'OK' button.
Using Sub-Accounts
1.
Click the 'Accounting' menu and choose 'Write Checks.'
2.
Click the drop-down list of vendors in the 'To' field and enter an amount in the 'Amount' field. Adjust the check number and date fields to reflect accurate information for that check.
3.
Click the drop-down list under the 'Accounts' column and select the appropriate sub-account. The full amount of the check automatically goes under the 'Amount' column. If you wrote a check for amounts that would be in two different sub-accounts, adjust the amount next to the sub-account you already chose, and repeat this step with the next line down.
4.
Click 'Save & Close.' Any reports that include the parent account are divided into the sub-accounts.
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About the Author
Marissa Robert graduated from Brigham Young University with a degree in English language and literature. She has extensive experience writing marketing campaigns and business handbooks and manuals, as well as doing freelance writing, proofreading and editing. While living in France she translated manuscripts into English. She has published articles on various websites and also periodically maintains two blogs.
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Robert, Marissa. 'How to Use Sub-Accounts in QuickBooks.' Small Business - Chron.com, http://smallbusiness.chron.com/use-subaccounts-quickbooks-49878.html. Accessed 25 November 2019.
Robert, Marissa. (n.d.). How to Use Sub-Accounts in QuickBooks. Small Business - Chron.com. Retrieved from http://smallbusiness.chron.com/use-subaccounts-quickbooks-49878.html
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