I received this in response to one of my QuickBooks tips on setting up reports.

Subject: Please help me with your expertise

For example, Sherry’s Tax Free Exchange Corporation holds millions of dollars in trust for clients to reinvest. I wanted to use QuickBooks to keep track of each client’s funds balance without having to keep separate records. QuickBooks doesn’t allow a report of an account’s activity to be sorted by the memo field, which is where I include the client’s name for checks written and wires sent. I found that I could go into the liability account I have set up for client trust funds and reverse the memo and payee entries (using Windows copy & paste) so that the client’s name was in all of the payee fields for all of the activity related to him. I configured (and memorized) a report to list all of the activity in the Client Trust Funds sorted and subtotaled by Payee. It allows me a perfect reconciliation of exactly how much money we are holding for each client.

 

 Will you kindly tell me the configuration of your report to list all activity in the Client Funds sorted and subtotaled by Payee?  Many thanks.

A:

I tried to save my report as a template that you could import and use; but it wouldn't let me.

What I set up was really just a basic Transaction Detail By Account for the Trust Funds Liability account totaled by Payee.  I set the date range very wide and well into the future to cover all activity for several years to come.

In order to print out just the activity for any one client's trust fund activity, I check the box next to "Page break after each major grouping" in the "Print Report" window.

Good luck.  I hope this helps.

Kerry Kerstetter

- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 8/07/2005 01:13:00 PM Send this post: