The gist of this question is that I need a bookkeeping or accounting software that can allow me to earmark funds in one bank account to be used for various different purposes.
Here are more details…
My management company pays me an owner distribution once per month for my property. Said owners distribution goes into one business bank account.
From that owner distribution, I need to save a portion of it for maintenance, taxes, and insurance. After I have put money aside for those purposes, The remaining balance is my “income“ to live on.
For example, let’s say a distribution is $1000. From that $1000 lets say $200 is for maintenance reserves, $400 is for taxes and $100 is for insurance. That leaves me $300 as income.
Does anyone have a recommendation for a piece of software, or simply a book keeping technique that would allow me to keep track of how many dollars in my one account are allocated for maintenances, taxes, insurance and “income”?
Thank you for help with this.
