Hello,
I am evaluating Zoho as a move off of QuickBooks Online and so far I think its going to work very well. But, being that I'm not an accountant by any stretch, I have a bit of a conceptual problem about how to do something.
Basically, I am working on getting all my accounts separated by their purpose. Life happens though and its just been rather ungainly at the moment. The biggest problem is that I have intermingled other business accounts with accounts that handle rental property transactions.
It seems very logical to me to set these up as organizations. For example "rental properties" and "consulting".
The rub is that there's a transfer made every month automatically from "rental properties" to "consulting". This is used to pay a bill associated to "consulting". I surmise that if both of these accounts were installed in the same organization I'd easily be able to match them up. Nevertheless, this is exactly the reason I want to separate these things so I can find and fix them. It may take considerable time however in many cases.
I am not sure how to record the transfer. I keep leaning towards a journal entry but that seems sort of a heavy-handed tool here and even if its not I'm not really sure how to do that (wouldn't it require 2?). I'd not look forward to having to create 20+ journal entries every month for the next year in order to get this to all balance.
Are organizations the right thing to do here? Or should I just be shoving everything inside a single account and deal with it through Report Tagging or something like that?
Thanks!
- Greg
P.S. I'd like to just take a moment and compliment you on what really appears to be a fantastic product. Other then a connection to my bank not working, its a LOT less buggy then QBO and the UI is much more responsive.