At church we have 4 different Ministries that I need to keep track of (donations coming in and bills going out). All the funds are deposited in the same checking account. How do I keep track of each doner for each different Ministry (can the ministries stay seperate even when suing the same checking acct). Do I need to set up 4 different accts? How can I tell how much of the balance in the checking account belongs to which Ministry?
Create a main checking account and then a sub account for each of the 4 ministries (and possibly one for 'general'. Then, you post individual transactions to each sub account based on which ministry. At month end, you will reconcile the main account to the bank statement (this pulls all the activity from the sub accounts). I'd encourage you to try it out in a sample data file or at least back up your data before you do it.
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Michelle L. Long, CPA, MBA
Author of the book "Successful QuickBooks Consulting: The Comprehensive Guide to Starting and Growing a QuickBooks Consulting Business"
National Trainer for Intuit Trainer/Writer Network
Advanced Certified QuickBooks ProAdvisor
