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Updated about 6 years ago,
Quickbooks, how do you label money reserved for future use?
Husband and I own a few rentals and are working towards more. I am learning Quickbooks and want to get things set up right the first time. I feel like I've got a decent Chart of Accounts in place that I have put together by looking at how other landlords set up their accounts and then tailoring to fit my needs; however, I don't know how to label funds set aside for repairs, capital expenditures, vacancy, (basically any expense you are planning and setting money aside for)? I was hoping to use Quickbooks to keep track of these things to make sure we were setting aside enough for when the time comes that we need to tap into it. Technically, it's not a liability account, because the funds haven't been used. I've read you can create an equity account. What do you guys do?