I'm here to help you out, qbofree5.
Let's start by creating new accounts in QuickBooks for the reserve accounts. Here's how:
- Go to Settings ⚙ and select Chart of Accounts.
- Select New to create a new account.
- In the Account Type ▼ dropdown, choose an account type.
- In the Detail Type ▼ dropdown, select the detail type that best fits the transactions you want to track. Learn more about detail types.
- Give your new account a name.
- If this is a subaccount of an existing account, select Is sub-account and then enter the parent account. Learn more about parent accounts and subaccounts.
- Now let's make sure the account in QuickBooks matches your real-life bank or credit card account. Choose when you want to start tracking your finances. In the Balance field, enter the amount in the account, and determine the as-of-date. Enter today's date if you want to start tracking immediately.
- When you're done, select Save and Close.
Once the reserve account is created, you can use the Transfer feature to fund the account. I'll show you:
- Select + New.
- Select Transfer.
- From the Transfer Funds From the dropdown list, select the bank account that the money is coming from.
- From the Transfer Funds To dropdown list, select the bank account that the money is going to.
- In the Transfer Amount field, enter the amount being transferred.
- Edit the Date field.
- Enter a description of the transfer in the Memo field (optional).
- Select Save and close or Save and new to complete the transfer.
- Select Yes if you double-checked the date.
Please keep us posted if you need additional assistance with the process. We're always here to help you out.
