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Old 10-16-2015, 08:44 PM
AtlantaMike AtlantaMike is offline
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Setup help for Non-accountant

Hi - I hope someone can help me. I tried Quickbooks support but after a frustrating hour on the phone with someone in another country, I hung up.

I am using QB for Mac desktop 2016 and I'm struggling with setting everything up because the "help" data is written for someone with a little more financial acumen.

I have a small homeowners association. I invoice 33 homes every January and collect that money. That's my income. For expenses, I have a budget. My budget is broken down into 8 line items and under each line item there are the components that make up that line item. So for instance, I have a budget category called Landscaping and the total for that is 15,000. Making that up are three items - monthly maintanance $10,000, pine straw 2,500, and flowers 2,500. For reporting, I simply have to show how I am doing against my budget. So, for instance I need a report that shows that YTD I have spent x against the 15,000 and if I want to understand that better, I should be able to see how I have performed against each "sub" line item.

I receive bills and I'll need to apply these expenses against the appropriate line in the budget. So the ground cover bill would go against ground cover, not landscaping.

It seems that sub-accounts don't "add up" to the account level. I tried to create a budget and put the three amounts in as sub accounts under the account called landscaping but the main account didn't total up the sub accounts. So, I obviously don't know how to use budgeting properly.

Anyway, I could use help properly using accounts, sub accounts, classes, etc. to set up this rather simple budget scenario.

I thought I might make all the "sub" line items (flowers, monthly maintanance, pine straw) account level entries and then use the class "landscaping". Would that work? So in effect, I would use classes to "roll up" all the expenses across several accounts. Hmmm, the more I think about that, the more it makes sense.

I have no payroll, assets, etc. Simple income and expenses tracking.

Anyway, I hope I've described this well enough to get assistance.

I thank you all in advance for any assistance you can provide.

Thank you!
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  #2  
Old 10-18-2015, 07:23 AM
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LauraD LauraD is offline
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This is how you should set this up, as I understand what you said:

Create your chart of accounts like this:

Landscaping Expense
  • Monthly Maintenance
  • Ground Cover
  • Flowers/Plants
Never post anything to the parent account Landscaping Expense.

Enter the budget and post the expenses as you described - to the sub-accounts only.

From what you have told me, there is no reason to use classes - unless you want a separate class for Reserve.

This is just a general overview. You will need to develop a system that works best for you.

******************************************

If you still need help, I suggest that you contact someone directly for assistance.
You can search www.findaproadvisor.com if you want someone local.
Also - many of us work remotely and can be contacted via the info on our websites or profiles.

I hope this helps,

Laura D
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Old 10-19-2015, 10:15 AM
AtlantaMike AtlantaMike is offline
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Thank you

Thank you Laura. I know questions like these are basic, but that's about the level I'm at right now. I appreciate you reading my post and responding. I will create the chart of accounts as you described.

Appreciate it!
Mike
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Old 10-19-2015, 03:52 PM
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LauraD LauraD is offline
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You are very welcome - glad that I could help!

Laura D
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Laura Dion
Advanced Certified QuickBooks® ProAdvisor
Cents-able Bookkeeping, LLC


♫•*¨•.¸¸.•*¨• I make QuickBooks sing! •*¨*•♫♪ ♪♫

www.centsablebookkeeping.com
Recommending Qbox: http://bit.do/qbox-98
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