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. 

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.  

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...