QuickBooks Question on Investor Books

Mike,

In my paper checkbook for my duplex, I show a separate account on (paper only) for security deposits.

I keep the balances separate, so I don't add this balance to my regular checking account accept when balancing the account, but the money is still in my checking account for backup so I don't overdraw the account.

Is it possible in Investor Books to have a primary checking account with a Security deposit account inside of this checking account? How could you show a transfer from the checking account to the sub-security deposit account.

Or

Could I set up 2 separate accounts inside of one Bank so I could transfer funds back and forth in Investor books, but keep them as one inclusive account at the bank? Would this work or not?

Thanks,

Mark S.
Indiana

Answer: Excellent Question Mark!

Couple of things here.

1.) Double and Triple Check with your Landlord Tenant Laws for your town and state... Many states including mine, require a separate account used exclusively for Tenant Security Deposits... so if this is the case in your town... this is your answer.

2.) Regarding "sub-accounts" within a checking account... yes you can Mark.. the easiest way would be to create a bank account.... then create a sub account and call it checking and another sub account called security deposit... this would then show how much in your "checking" part and how much in your "security deposit" part and the two combined would be displayed as a balance in the bank account... it would look something like this..


Bank Account...... $10,000
- checking .... $7,0000
- security dep..... $3,0000


or simply open another money market account and call it security deposit.

Keep Cranking It

Mike Butler

Get your 5m WAP system today at www.5mWAP.com