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lesliesjn
Level 1

Can money be in multiple accounts?

My nonprofit received a grant in the form of a check. It was deposited into the checking account and put into "Non-government grants" income. I need to put this money into a dedicated fund, but I still need it to show up in the grants income account as well. Is it possible to have the money visible in two different accounts? I spoke to an accountant who said to create a journal entry that transfers the money from the checking account to the dedicated funds, but that doesn't work because the money is still in the checking account.

Solved
Best answer June 10, 2020

Best Answers
MarshallA
Intuit

Can money be in multiple accounts?

Hello,

 

You could create a sub-account under the bank account for dedicated funds.  Because it's a sub-account it will still show on the balance of the main checking account and when you go to reconcile it.

View solution in original post

1 Comment
MarshallA
Intuit

Can money be in multiple accounts?

Hello,

 

You could create a sub-account under the bank account for dedicated funds.  Because it's a sub-account it will still show on the balance of the main checking account and when you go to reconcile it.

View solution in original post

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