Receiving donations that will be sent on to charity - how do I track it

CaroleT

We receive donations to a fund that at the end of the year we send on the organization.  is there a way I can setup an account within the main account so I can track how much to send to the organization at the end of the year and still reconcile the deposits with the bank statement.  When I created a separate account, the reconciliation was off.

Sherlock

There are a number of ways you may keep track of the donations that will be sent on to a charity at the end of the year.  One of the simplest is to enter each deposit transaction you will be donating in the main account with a category (or tag) for the organization.  To view the amount to be donated at the end of the year, you may use a customized report that includes the year's transactions in the main account with the category (or tag) you chose to use for the organization.

If these individual donations are checks being aggregated at deposit into a single deposit transaction, enter the individual checks in a holding account when you receive them and use a transfer transaction from the holding account to the main account to record the aggregated deposit.  The holding account is an offline Cash account whose running balance should be zero when the checks have actually been deposited into the main account.  The donation deposits into the holding account would be made with the category (or tag) for the organization and the holding account included in the customized report.

splasher

After accepting them into an account, you could then put them in a Savings Goal.  While the target amount of the goal would not be meaningful, the fact that it segregates the funds so that they don't show in the original account except when reconciling that account.

Quicken Help has good information on how to implement a Savings Goal.