If I have a parent company with sub accounts if they make one payment across all subs can I find a way to take the lump bank receipt and apply across the sub accounts?

Hi there, colorworks2.

Yes, it is possible to take a lump bank receipt posted to your parent account and then apply it across the sub-accounts. You can do this using the Bank Deposit Split feature in your accounting tool. Let me guide you through the steps to achieve this.

Here's how:

1. Navigate to the +Create tab in your system.
2. Select Bank Deposit from the menu.
3. In the Bank Deposit screen, break down the payment into separate lines:
   • Line 1: Select Customer Jones, enter the amount allocated to this sub-account (£X), and assign the appropriate account (e.g., Accounts Receivable).
   • Line 2: Select Customer Clark, enter the amount allocated to this sub-account (£Y), and again choose the correct account (e.g., Accounts Receivable).
4. Save the transaction.

This will correctly split the lump receipt and apply it to the relevant sub-accounts (Smith Jones and Smith Clark). Once completed, you can review the allocation by checking the sub-accounts to ensure everything is reconciled properly.

If you have any further questions or need assistance with QuickBooks, feel free to click the Reply button.