Best way to earmark funds?

[Andrew Sackville-West]

On Thu, Nov 01, 2007 at 04:15:18PM -0700, Victor Chudnovsky wrote:
> Hi all,
> 
> What is the best way to earmark funds that I'm reserving for a specific
> purpose?
> 
> Say I'm tracking my money in my savings account, but I want to somehow
> note that $XX is earmarked for a special project (eg a big purchase) so
> that it is not really available for me to spend on other things. How do
> I do this? (I still want the savings ledger to reflect the total money
> in the bank.)

What I do in my business is have several sub-accounts to my savings
account. Money gets squirreled away into those sub-accounts as
appropriate. When I reconcile the savings account, I be sure the box
for "include subaccounts" or "with subaccounts", something like that,
is checked. Its a little funky looking in the reconcile screen because
if you have split deposits with money going into several subaccoutns
at once, then it shows as the split amounts. But you get used to it
quickly and it works well. 

In my situation, money in sub-accounts as available only for its
earmarked usage. Money in the main account is unallocated and usable
for whatever. 

When I make an expenditure for something that is earmarked, I simply
transfer the money out of that sub-account and into checking or
whatever. 

hth

A
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