setting up multiple cash account under one bank account
I need to set up quickbooks for a school's activity funds. The school has one bank account with several activity accounts contributing to the bank balance. I had the activity funds set up as sub accounts of the bank account, but all of the fund balances are now negative amounts. What is the correct way to set up this school's account?
You'll want to open the funds account in your QuickBooks Desktop (QBDT) and make sure there are no checks or payments made. If there any, you'll want to edit the transaction and ensure to use the correct account.
Then to set up the school account, review the opening balance if they are correct. Once done, here's how to set up the account:
Go to the Lists menu.
Click Chart of Accounts.
Select the Account drop-down menu and choose New.
Choose an account type and click Continue.
Fill in the needed details and click Save & Close.