I sold some stock. So far, I've recorded what I received as a deposit which increased my bank account and decreased my stock account.
I would like to track the money I received in a designated asset account where we are tracking gifts and expenses related to a large air conditioning purchase. I don't know how to move the money to this asset account.
I'd be happy to help you move the money to your designated asset account in QuickBooks Desktop.
In QuickBooks Desktop, you can use journal entries to transfer amounts from one income or expense account to another or transfer amounts from an asset, liability, or equity account to an income or expense account.
You can follow the step-by-step process in making journal entry:
From the QuickBooks Company menu, choose Make General Journal Entries.
(Optional) In the Make General Journal Entries window, change the Date field.
The Entry No. should automatically populate. If not, type a number for your journal entries. QuickBooks Desktop will automatically number subsequent journal entries.
Enter the General Journal Entry details.
Enter or select the first account in your transaction. If you are using an A/R (accounts receivable) or A/P (accounts payable) account, the first account in the General Journal transaction should be the AR or AP account.
Enter the debit or credit amount for the account you selected in step a.
(Optional) Type a memo describing the transaction. This memo will appear on reports and will include the General Journal entry.
Enter or select the Customer, Vendor, Employee, or Other name associated with the transaction. This is required if you use A/R or A/P accounts.
(Optional) If you selected an Expense account along with a customer or job, you can make the amount billable to the customer by checking the Billable column.
(Optional) Assign a class to the amount.
Repeat steps 4a through 4e to enter distribution lines until the transaction reaches a zero balance. The total in the Debit column should be equal to the total in the Credit column.
Click Save & Close.
However, I'd suggest consulting an accountant to help and guide on how to track this amount. Your accountant can provide more expert ways of dealing with this situation.
You don't have this as a new Asset other than Bank. The Asset = Bank = funds to the bank. You have Income from this sale. That is the offset of the Asset = Funds to Bank.
What you also have now is new Equity; banking contributes to Equity, as does the income. So, you can rebalance Equity, if you already track Capital Reserves for the potential purchase. But you don't move Income to Asset and you already have Bank as Asset.
There is not additionally any Asset JE to make for this.