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Sub-accounts

I hope that this post is in the right spot. However, I don't see a category for how one uses Quicken's features to best represent the way an entity operates. So if this should be moved, please let me know. In the meantime, here goes!
My church uses a single checking account. Internally we break this account into several funds or sub-accounts for record keeping purposes. For example: Operating, Missions, Capital Improvements, and transactions for all of them flow through the single checking account. In Quicken I have treated each fund as a separate bank account within a single Quicken file. Then I set up Categories that allow income and expenses to be tracked by type. This works with limitations. For instance, we recently opened a second bank account. Including this truly separate account as a Quicken account creates confusion between the notions of "account" and "fund (or sub-account) within an account". Is there another way to set up Quicken that maintains the true distinction among accounts AND enables me to recognize the various funds or sub-accounts within our checking account?
Thanks in advance for your help.
David
My church uses a single checking account. Internally we break this account into several funds or sub-accounts for record keeping purposes. For example: Operating, Missions, Capital Improvements, and transactions for all of them flow through the single checking account. In Quicken I have treated each fund as a separate bank account within a single Quicken file. Then I set up Categories that allow income and expenses to be tracked by type. This works with limitations. For instance, we recently opened a second bank account. Including this truly separate account as a Quicken account creates confusion between the notions of "account" and "fund (or sub-account) within an account". Is there another way to set up Quicken that maintains the true distinction among accounts AND enables me to recognize the various funds or sub-accounts within our checking account?
Thanks in advance for your help.
David
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Now running Quicken Windows Subscription, Home & Business
Retired "Certified Information Systems Auditor" & Bank Audit VP
Thanks again.
David
Otherwise the closest thing in Quicken might certainly be the use of Savings Goals.
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Windows 10 Pro 32 & 64-Bit Build 21296.1000
also Windows 10 Pro 64-Bit Build 19042.746
Note: Product What's New in Quicken is grayed out.. Also Year is stuck on 2020 and Copyright Date is stuck 2018 in About Quicken.
View: https://community.quicken.com/discussion/7859218/work-with-copies-of-your-actual-quicken-data-files/p1?new=1
The way I set it up was to create Liability accounts for each of the restricted funds, because they are effectively claims on the cash. Then when a weekly deposit was made from the member contributions that week it would be booked as a deposit to the checking account split between a general operating income account and the various restricted accounts as [fund name] which show up as increases to the liability accounts. Similarly if an expenditure was made from a designated fund the check would also be posted as a transfer from that fund, thereby reducing the liabiilty balance in that fund. Checks of an operating nature, ie not from the funds, are booked simpy as that, i.e. operating expenses.
LIke I said, I never implemented this other than in a test file, so I welcome suggestions from you or others.
When you first create a Cash Account, it states Cash Account.
Using the Account Bar, locate Cash Account. Right-click Cash Account and click Edit/Delete Account.
You will see the name Cash Account. Highlight the name and start typing the Unique Name of the Account and click OK.
Now under Tools click Category List. Left side click Transfers. Right side, look for that unique name.
You can have any number of Cash Accounts with unique names.
This gives you exactly what you want.
And you can use the Memo Field in Splits or in Split itself for further explanation of the transaction.
Like setting up a Christmas Club Cash Account.
Windows 10 Pro 32 & 64-Bit Build 21296.1000
also Windows 10 Pro 64-Bit Build 19042.746
Note: Product What's New in Quicken is grayed out.. Also Year is stuck on 2020 and Copyright Date is stuck 2018 in About Quicken.
View: https://community.quicken.com/discussion/7859218/work-with-copies-of-your-actual-quicken-data-files/p1?new=1
contributions 750
[Fund 1] 250
HTH
Thanks very much!
David
And your point about meaningful labels is a good one as the ins and outs show up as transfers.
To be honest with you, I went back today and loaded the quicken file where I had run a test of two months worth of transactions for my old church back in 2015, complete with about 30 separate designated funds accounts. The reports really get confusing very quickly!
What You probably really need is QuickBooks plus an accountant to help you set up what I believe is called funds accounting with a common cash pool.