Accounts vs Lists

[Camper]

I have a very simple Bare Land Strata Corp with 15 lots to set up.   We have a May 31 FYE.  Our owners generally pay their strata fees in January for the calendar year.  I want to show the income on I & E statement broken down by FYE that they are paying for.   Suggestion on how to handle this?  Under Chart of Accounts should I create an account eg.  Strata Fees:2019 FYE:Lot 01 then another for Lot 02 etc.  Then another account for Strata Fees:2020 FYE:Lot 01 etc then create a new account each an every year?  How to Item Lists come into play?  I am confused.  Any suggestions would be appreciated.

[LauraAB · Accepted solution]

Hello Camper,

I can see how this sort of situation might be tricky to handle and I want to ensure you have the answers you need going forward. As a tech support agent, I can't advise you on the best way to record this sort of entry. What I can do is help you with getting to know accounts and lists better so you can make an informed decision moving forward.

A list, quite simply, is as it sounds. It's related items grouped together in a consecutive format. In QuickBooks Desktop, you can have a list of inventory items, a list of sales tax codes, a list of classes, and so on. Items are typically things that are applied to your sales or expense transactions, such as adding inventory your customer purchased to a sales receipt and then applying the proper tax code. There's a good in-product help article called About QuickBooks Lists that may give you more insight into what these are. Follow the steps below to bring it up.

1. Select Help from the top menu and choose QuickBooks Desktop Help (Note: F1 is a shortcut for these steps).
2. Click the Help tab on the Have a Question? window.
3. Click Search.
4. Enter keywords or article names and hit enter on your keyboard or the arrow to the right of the search bar.
5. Click the listed articles to see their content.

Lists also include a list of accounts, called the Chart of Accounts. The Chart of Accounts is where you can find all of your bank, credit card, liability, expense, income, and other account types. You can learn more about it and account types here: Understand the chart of accounts in QuickBooks

Now that we've got those two things covered, I'll point you in the direction of finding someone to figure out how to set up the strata fees in your books. Since there isn't a built-in feature or outlined way to do this, speaking with an accounting or bookkeeping professional is your best option. Finding someone that knows the program is even better, and QuickBooks can help with that. With our Find an Accountant page, you can search for QuickBooks certified accountants in your area by simply inputting your postal code or city. Give it a shot!

Wishing you the best! Enjoy the rest of your week.