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salazarwaterproo
Level 1

I am trying to post a split deposit. The split feature works for items that have been invoiced but one of the transactions is a refund. How can I record as 1 trans?

3 of the checks to record were billed to customers and one is a refund for insurance. how can I apply against specific invoices and credit insurance?
1 Comment 1
BettyJaneB
QuickBooks Team

I am trying to post a split deposit. The split feature works for items that have been invoiced but one of the transactions is a refund. How can I record as 1 trans?

I'd love to walk you through how you can record a split deposit in QuickBooks Online, @salazarwaterproo.

 

You can receive the customers payments and have it deposited into the Undeposited Funds account. This way, the payments will be placed in the said holding account while creating a refund receipt, which is to be deposited in there too.

 

Here's how to do that:

  1. Click on the + New button at the left pane.
  2. Press on Receive Payment
  3. Enter the customer's name.
  4. Select on the invoices that were billed to the customer. Make sure that the amount will be deposited into the Undeposited Funds account. (Repeat this process if this is for different customers) 
  5. Hit on Save and Close.

After that, let's go ahead and create a refund receipt to record the refund for the insurance. It needs to be deposited in the Undeposited Funds account too. This way, we can create a single deposit later.

 

To generate a refund receipt:

  1. Press on the + New button.
  2. Hit on Refund receipt
  3. Choose the customer's name.
  4. In the Refund From section, select Undeposited Funds.
  5. Enter the refund details. 
  6. Click on Save and Close.

Once done, we can now proceed with depositing all these amounts to the right bank account. This will be counted as one transaction.

 

Here's how:

  1. Hit on the +New button.
  2. Click on Bank deposit.
  3. Select the account where the amount will be deposited.
  4. Choose the payments and refund that will be included in this deposit. 
  5. Press on Save and Close.

From there, you can easily match the deposit to your bank transactions. I've added this article for more details with find matching transactions : Add and match downloaded banking transactions.

 

Let me know how this goes by leaving a comment below. I'm always around here whenever you need help. Have a good one!

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