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I work for a non-profit.
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.
Good day, Karrteam.
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:
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.
For more details about journal entry, check out this article: https://quickbooks.intuit.com/community/Reports-and-accounting/Record-a-journal-entry/td-p/203691.
Keep us posted if you need anything else. Have a great rest of your day!
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.
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