Quicbooks journal entries for saving for taxes and insurance?
Hi all,
We self manage our properties and save monthly for taxes and insurance for all of our properties. I can't seem to figure out a way to get journal entries correct in Quickbooks to keep track of each property.
Tenants rent goes into an operating account, and after expenses are paid out of the operating account we initiate a transfer to another checking account that holds all funds for taxes and insurance for all of the properties. When it comes time for tax or insurance payments we write a check out of that account for said payments. I'd like to be able to keep track of the balance each property has sitting there for these tax and insurance payments.
I've tried to set up an "Other current assets" account to tag each payment, ex. 123 Main St. Escrow, but after making the transfer from the operating account to the other checking account the resulting balance for the 123 Main St. Escrow account shows up as $0 since there are two sides to each side of the transfer, thus cancelling it out.
I am obviously not a Quickbooks expert, but it seems like I'm missing something simple in my process.
Anyone have ideas? Thanks in advance!