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Matthew 114
Level 1

ASB School Accounts

Hi!! I am new to quickbooks online and have no idea how 99 percent of it works... I have played with it for several hours and still can't seem do what I want out of it..  So here it is... 

 

I have a central bank account that holds all the money.. I have 50 plus school clubs on excel spreadsheet that control all band deposited funds and deductions.  How do i create a spreadsheet on quickbooks for each individual club and have it link to the checking account, so that it reconciles everytime a check is written. I prefer to add each account manually, but I am also having problems figuring out what account type each should be and whether it should be a sub account.

3 Comments 3
howardtm
Level 3

ASB School Accounts

From what you described, your entity is not controlling the school clubs right? I assume it is just holding the cash on behalf of those school clubs. In that case, the deposited funds should be classified as liabilities. You may open a "Client Trust Accounts - Liabilities" (In Accounting -> Chart of Accounts -> New, Account Type = Current liabilities, Detail Type = Client Trust Accounts - Liabilities; for the Name, you can called it whatever you want). After that, you can open the 50 plus sub account for each clubs, just click the "Is sub-account" and put it under the "Client Trust Accounts". You can use the import function to open new accounts. It's quite easy to use and will probably save you much time.

 

In practice, say a School Club A deposit $1000 into the central bank, the journal entries should be:

DEBIT - Bank $1000

      CREDIT - Client Trust Accounts - Liabilities (School Club A) $1000;

If you are writing a cheque of $100 for the School Club A to pay for its expense:

DEBIT  - Client Trust Accounts - Liabilities (School Club A) $100

      CREDIT - Bank $100;

 

Let me know if my understanding is wrong. 

 

 

Matthew 114
Level 1

ASB School Accounts

Thank you.... You are on the right track. I followed your instructions and was able to set one account and match checks to bank account.  Do you know how to go about when it comes to deposits to specific ASB accounts since all the money is deposited into the central bank and everytime time i add the amount to the ASB account, it adds to the central bank, changing the amount that its actually deposited.  

howardtm
Level 3

ASB School Accounts

If you have several bank accounts, then you should open "Bank" accounts in "Chart of Accounts".

 

You may want to refer to below articles:

https://quickbooks.intuit.com/learn-support/en-ca/banking-currency/what-s-an-opening-balance/00/3644...

https://quickbooks.intuit.com/learn-support/en-ca/banking-currency/enter-opening-balances-for-accoun...

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