I run a small A/V company, and we often have jobs that work like this:
1) Deposit is given. Deposit is banked (we have 1 bank account for now.) Deposit then must be kept aside only for use on this particular job. 2) Money is spent on this job. Money is spent on other jobs. Money must be tracked seperately. 3) Disbursements are made for this job. Disbursements are made for other jobs, all on one check. These must be correctly tagged and split amongst the proper accounts ("virtual" subaccounts for the specific jobs that the payroll is being drawn from.)What is the best way to do this? Using the "Jobs" field doesn't seem robust enough, but I could be using it incorrectly.
AS it is now, I have the virtual account set up as a subaccount of my main checking account, and when I write checks for that job, I record them in the subaccount. This keeps everything tracking and seems like a good approach, but I want to make sure that it won't turn in to a accounting nightmare.
I am pretty much a noob with accounting, but extremely good with computers. I am running Quickbooks Premier 2006. PLEASE let me know if I can provide more data to help get the best solution for this. THanks!