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wreade78
Level 3

Create a single deposit that uses different subaccounts of a bank account.

I use subaccounts of a bank account to keep the money in the bank account separated based on purpose. To be clear, I have only one actual, real-life bank account. To record a deposit to the real-life bank account, I have to make individual deposits to the subaccounts in QB. Am I missing an option that would allow me to record a single deposit in QB with different subaccounts of the bank account?
Solved
Best answer June 15, 2021

Best Answers
john-pero
Community Champion

Create a single deposit that uses different subaccounts of a bank account.

Oh, all I thought you wanted to do was segregate the received funds into the separate sub-bank accounts without making a deposit for each one.

 

For simplicity I would go back to the sales receipt or invoice used to initiate payment to you that you are depositing. Split your income on the sales receipt or invoice.  The sub-bank accounts are asset accounts and would be used to track designated funds but not income.

 

If you have a single customer payment posted in undeposited funds it makes it a little more complicated but not impossible - you have to look at the income account that the check was originally posted to and one of your deposit line items will be a negative of that income account, equal to the check. Then you will add a new line item for each income account for which they must all add up to the check amount.  Net deposit still equal to the single check in the deposit.  If you have multiple checks you will have to review and reverse the original income accont of each.

 

If you are recording income on the fly (not always the best idea) by entering check data in the deposit and nowhere else you can just add a line for each income account and the total of the deposit represents the sum of the checks deposited.  This is not the best, although the income will appear in your P&L you may not be able to see the income in a report by customer

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8 Comments 8
john-pero
Community Champion

Create a single deposit that uses different subaccounts of a bank account.

A Deposit can have multiple line items. Within that, after adding deposit items, you can enter positive amounts on each line for the sub accounts and a negative amount to the parent account such that all said and done the net deposit is equal to the money being deposited

wreade78
Level 3

Create a single deposit that uses different subaccounts of a bank account.

@john-pero thanks for your reply. Can you provide an example? Note: I am currently using the "Add funds to this deposit" section of a deposit entry. Within that, I need to use the "Account" column in the deposit window to record the deposit into an income account so that it appears on the P&L.

john-pero
Community Champion

Create a single deposit that uses different subaccounts of a bank account.

Okay, great. Now in that Add Funds you will add the splits.  Example, say you have a deposit of $600 into the bank account that needs to be spread among 3 sub-accounts, A, B, C in amounts of $100, $200, $300.

deposit item             parent bank             $600

Added Line                  Account              Amount

1                               sub account A          $100

2                               sub account B          $200

3                               sub account C          $300

4                               parent bank             -$600

 

Net deposit $600

 

wreade78
Level 3

Create a single deposit that uses different subaccounts of a bank account.

@john-pero thanks for that info. How do I assign an income account to each of those lines? If I don't have an income account for each of those lines, the income won't appear on my P&L, right?

john-pero
Community Champion

Create a single deposit that uses different subaccounts of a bank account.

They are not income accounts. Not everything included in a deposit has to be income. They are the bank and sub-bank accounts in your chart of accounts. What you are doing is a one step process instead of just the deposit and then a journal entry to move funds around.

wreade78
Level 3

Create a single deposit that uses different subaccounts of a bank account.

@john-pero thanks. I am looking for an option that allows me to have a single deposit that matches the single deposit I made to the bank but also allows me to assign income to each of the individual parts of the deposit. Thoughts?

john-pero
Community Champion

Create a single deposit that uses different subaccounts of a bank account.

Oh, all I thought you wanted to do was segregate the received funds into the separate sub-bank accounts without making a deposit for each one.

 

For simplicity I would go back to the sales receipt or invoice used to initiate payment to you that you are depositing. Split your income on the sales receipt or invoice.  The sub-bank accounts are asset accounts and would be used to track designated funds but not income.

 

If you have a single customer payment posted in undeposited funds it makes it a little more complicated but not impossible - you have to look at the income account that the check was originally posted to and one of your deposit line items will be a negative of that income account, equal to the check. Then you will add a new line item for each income account for which they must all add up to the check amount.  Net deposit still equal to the single check in the deposit.  If you have multiple checks you will have to review and reverse the original income accont of each.

 

If you are recording income on the fly (not always the best idea) by entering check data in the deposit and nowhere else you can just add a line for each income account and the total of the deposit represents the sum of the checks deposited.  This is not the best, although the income will appear in your P&L you may not be able to see the income in a report by customer

View solution in original post

wreade78
Level 3

Create a single deposit that uses different subaccounts of a bank account.

@john-pero thanks! Lots of options to choose from. I appreciate the help!

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