Sweep Account set up in QUickBooks

by Wendi
(WV )

Can anyone please explain how you have set up a sweep account in Quickbooks?

I had found through some research, that it was to be set up as a "sub bank account" where all transactions will be show in the register and in the balance.

For us, we maintain an operating balance of $50,000 each day, and anything over that amount goes to a sweep account where it earns interest.

There are times that excess of $50, goes into the sweep account, but could be times that funds are pulled from the sweep account to cover incoming expenses in the operating account.

I just wanted to set it up correctly so that transactions and reconciliations are able to be made. Thanks! W

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Mar 17, 2022
Sweep Bank Rec
by: Anonymous

I combine the operating account and sweep account ending balances and reconcile the total to ONE general ledger cash account. In order to do that, you simply have to ignore the daily sweeps as they net to zero.

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