Show Reserve Account in Budgets

rbryanh · ‎June 30, 2020

How can I handle contributions to a reserve account in such a way that they appear in budgets? More specifically, I'm keeping books for a condominium home owners association. I have bank accounts set up for both checking (operating expenses) and reserves (reserve fund). All deposits are made to checking. Once a month, I transfer that month's reserve contribution from checking to reserves. This is common procedure for HOAs. The difficulty is that the reserve contribution has a budget impact but, since it's technically a transfer between accounts, is neither income nor an expense an so doesn't appear in the budget. Nonetheless, if normal operating expenses plus reserve contributions exceed income, it's a problem that I'd like visible in the budget forecast. I'm at a loss for a strategy other than exporting the budget to a spreadsheet and tweaking it manually. I'm loathe to do this as it violates the basic principle of not duplicating data.

MarsStephanieL · ‎June 30, 2020

Hello there, @rbryanh.

Allow me to share some insights about transferring funds and using the Budgeting feature in QuickBooks.

The Budget Overview Forecast report only displays the Income and the Expense accounts. For now, you can continue exporting the budget to the spreadsheet. Then enter those necessary details.

You can transfer the funds between accounts by using the Transfer feature to avoid duplication. I'll show you how.

Go to the + New button and select the Transfer.
On the Transfer Funds From section, enter the checking account where you receive all the deposits.
On the Transfer Funds To section, enter the reserve account.
Enter the amount you're going to transfer.
In the Memo field, you can input important descriptions during the transfer.
Verify the details, then select Save and Close.

I added a screenshot for your additional reference.

Also, you can transfer your funds in QuickBooks through a check, imported bank transaction, and by creating a journal entry. To know more about the steps I added this article for you to check out and review: Transfer funds between accounts.

To see the transfer transactions of your bank, I suggest running Transaction Detail by Account report. You can also customize it to identify the information you want to highlight from there. Then, memorize it to save the changes you made. For more information, please check out this article: Memorize Reports.

I'm only a few clicks away if you have any other concerns. Wishing you and your business continued success.

rbryanh · ‎July 06, 2020

Thanks. While not ideal, "you can't do that" is better than wasting time figuring out how to do the impossible.

Topics

Training

Community

Resources

Show Reserve Account in Budgets

Show Reserve Account in Budgets

Show Reserve Account in Budgets

Need to get in touch?