Dividing Lump Sum in Quickbooks Banking

rablake · ‎February 07, 2022

Hello,

I pay my employees directly through my bank with direct deposit. However, when it appears in my Quickbooks Banking it is in a large sum. How do I break it down into each paycheque? I have tried the matching tool and the paycheques never seem to appear. I have also tried manually creating a cheque with the same cheques number as on the employee's paystubs and manually matching those but when I go to my reports the paycheques are recorded twice. How am I able to match or tag multiple paycheques to this large sum in my banking? I have attached what I am trying to achieve.

Thank you in advance.

VanDavis · ‎February 07, 2022

@rablake , did you process the direct deposit through QuickBooks?

Rubielyn_J · ‎February 07, 2022

It's a pleasure to have you here, @rablake. Let me provide some information on how to handle lump-sum amounts on the banking page.

In QuickBooks Online, we're unable to use the matching feature since it's the whole amount that was downloaded.

To fix this, let's exclude the transaction from the banking page. Then, manually clear the existing checks in your Chart of Accounts.

Here's how:

Select the Banking or Transactions menu, then choose the Banking tab.
Click the For Review tab.
Select the checkbox of the transactions to exclude.
Choose Exclude.

Additionally, let me share these links to guide you manage banking transactions in QuickBooks:

Fill me in if you have other questions about downloaded transactions in QuickBooks. I'll be happy to help you again. Keep safe and have a good day!

VanDavis · ‎February 07, 2022

@rablake , when you process direct deposit, a single liability check is auto-created in the bank register which sums up the total payroll and processing fees. that will be the matching entry to the downloaded transaction

@Rubielyn_J , fyi

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Dividing Lump Sum in Quickbooks Banking