Money Market Set-up

[Mick]

Hello-
I'm new to the forum and a relatively new user of Quickbooks Pro 2001 (that is in fairly constant need of some assistance, given the fact that I have knowledge of only the most basic accounting principles and have never used accounting software in the past). So, let's start with an easy one -- we opened a money market account a couple months ago and I haven't recorded it in QBooks yet. I need to know the process for opening the account and then for transferring the funds from our existing checking account to the money market, without writing a check (the bank just transferred the money for us).

Any help as to where/how to begin on this would be greatly appreciated.

Thanks!!

[GregD94901]

Originally posted by Mick
Hello-
I'm new to the forum and a relatively new user of Quickbooks Pro 2001 (that is in fairly constant need of some assistance, given the fact that I have knowledge of only the most basic accounting principles and have never used accounting software in the past). So, let's start with an easy one -- we opened a money market account a couple months ago and I haven't recorded it in QBooks yet. I need to know the process for opening the account and then for transferring the funds from our existing checking account to the money market, without writing a check (the bank just transferred the money for us).

Any help as to where/how to begin on this would be greatly appreciated.

Thanks!!

Someone correct me if I am worong, but if you just create another bank account - and then just run a journal entry to remove cash from your working account and into the MM account. Anyone have a better way?

Greg

[Joey]

It's easier than that. If it's in the same bank and there was no check, just use Transfer. It will ask you what account to transfer from and what account to transfer into.