I am new to the bookkeeping processes and working through the challenges of QuickBooks® as well.
My task is to invoice and receive Maintenance Revenues which include appropriation dollars that are to be set aside for long term reserves (repairs on buildings etc). These reserve dollars are are long term liabilities.
The total receipt of revenues are entered in the General Operating Account then the amount due for reserves is transferred to the Reserve bank account. That's the easy part.
But, how does one record the monthly receipt of the amount due to "reserves" in the Long Term Liability Chart of Accounts line item in order establish a balance?
Any help will be greatly appreciated.
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