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Taylorshipley
Level 2

Journal entry

I wonder if someone can help me. 

I have a customer who organise festivals throughout the year. When they first began it was only two different ones, but now they have five or six different ones so I am finding having them all in one account is a bit troublesome, so need to create an account for each different festival.  However, last year they paid some deposits for festivals that didn't actually go ahead because of Covid so they are sitting in the "old" account.  This year they are planning their festivals and obviously want to use their deposits.  How do I remove the deposit from the old account and allocate it to a new account.  I assume its through a journal but would like some guidance if possible.  Many thanks 

5 REPLIES 5
John C
QuickBooks Team

Journal entry

Hi Taylorshipley When you state that you have you have created a separate account for each festival what are you referring to, how have you set them up?

Taylorshipley
Level 2

Journal entry

Hi there. 

Well I haven't done it yet, but I was going to set up different customer accounts for each festival, so say if the company was called Big Top and they were having a festival in Leeds, I would set up a customer account  Big Top ( Leeds), then if they had a festival in Liverpool I would set up a new customer account for Big Top ( Liverpool).  

Hope that makes sense 

Thank you. 

Taylorshipley
Level 2

Journal entry

I should add that when they purchase a tent they usually pay over a number of payments. So they pay a deposit, then 2 or 3 payments split over a few months.  This is why it gets messy having all the different festivals in one customer account. 

Hope that helps explain a little. 

EmmaM
QuickBooks Team

Journal entry

Hello Taylor Shippley, you mentioned you set up a customer account Big Top Leeds and another  Big top Liverpool, what we need to know is are you physically setting up a customer in the sales section or are you  setting up income and expense accounts and naming them that so you can keep track of the deposits and payments etc or is it both? Are you looking to move money from one customer account to another . The deposits how did you record them?What you can do is set up the customers and also set up in the chart of accounts new overall expense and income accounts as a 'parent' account and then once done  set up sub accounts(by clicking chart of accounts+new and then when created selecting is a sub account of and selecting the parent) for each part of the expenses/income for the festival so that when you run a p and l you can see the overall expenses and income and also split by category for the festival or you could set up one overall called big top and then the sub classes could be the different festivals. Hope this makes sense. Any questions or if that is not what you are looking for just reply back here.

Taylorshipley
Level 2

Journal entry

Hi there. 

I will set them up as customers in the sales ledger.   We received the deposits in the normal manner, the money came into the bank and then I matched it up with the outstanding invoices.  

So I now have an account in the name of  the customer  (say Big Top) with three different deposits  for different festivals for hire of equipment.  These festivals didn't go ahead last year so  the customer wants to use the deposits this year. But like I said I really would like each festival to have its own ledger account ( even though its the same customer).  I just need to know how to journal the deposits from the main account to the new separate accounts.  Thank you 

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