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Steph G
Level 1

How can I select the correct account for each item in a deposit to allocate the funds in the correct line on the profit and loss?

When my transactions imported from my sales channel (Shopify) I was able to update the account on each line item to designate sales vs. shipping income since I would have to separate them on the deposit details. This allowed me to have everything on the appropriate line on my P
6 Comments 6
littlerabbit
Level 1

How can I select the correct account for each item in a deposit to allocate the funds in the correct line on the profit and loss?

This is a very broad question. You can find out the answers through talking to your sales team or the business owner. 

Steph G
Level 1

How can I select the correct account for each item in a deposit to allocate the funds in the correct line on the profit and loss?

I am the business owner.  It appears that part of my details were cut off in the original message.  I have always been able to assign "sales", "shipping income", etc. as the account for each line item in a bank deposit record for the transactions imported from my shop's website.  I tried to do that today but it now only lists the transaction accounts (cash, checking, PayPal, etc.).  How do I get the other options back so that the funds are on the correct lines on my P&L?

JoesemM
Moderator

How can I select the correct account for each item in a deposit to allocate the funds in the correct line on the profit and loss?

Let me help you sort this out, @Steph G

 

You'll have to check the mapping of your accounts before you import them into QuickBooks. As for the posting account, you can check your Shopify settings on which account the funds will be posted to. You can contact them directly o they can help you map your settings into QuickBooks. 

 

Also, may I ask for a screenshot? This will help me provide the best resolution to your concern.

 

For more details in handling your transactions, you can use these links: 

 

 

Please know that you're always welcome to post any questions you have in this space or additional concerns with managing reports in QBO. Have a great day ahead, @Steph G.

Steph G
Level 1

How can I select the correct account for each item in a deposit to allocate the funds in the correct line on the profit and loss?

Hi Joesem,

 

I have included a screenshot of a past transaction from when I was able to select the correct P&L line items in the account column (highlighted).  The first 2 lines (merchant account fee and sales) have always been automatically selected when the transaction imports, but I add the line for the shipping income and adjust the amount on the sales line so that it's consistent with how PayPal imports.  This also helps me know what was product sold vs. shipping fees collected when I'm reviewing my P&L.

 

Today I tried doing the same thing for a new transaction, but the account column only lists my transactional accounts.  I have a screenshot of the dropdown if you need that as well.  The first 2 lines (merchant account fee and sales) were still automatically selected, but when I added the customer name and order # it cleared the account column and I'm not able to select shipping income on a new line.

 

Please let me know if you need anything else to help resolve this.  Thank you!

ShiellaGraceA
QuickBooks Team

How can I select the correct account for each item in a deposit to allocate the funds in the correct line on the profit and loss?

Thanks for getting back to us, @Steph G.

 

I'll make sure you're able to assign accounts to your transactions in QuickBooks. It seems that the attached screenshots didn't go through. To confirm, are you using bank rules? If so, you'll want to check your bank rules to verify if you have other bank rules that recognize your deposits.

 

Here's how to check:

  1. Go to Banking.
  2. Select the Rules tab.
  3. From there, you can Edit or Delete the rules in question.
  4. Click Save.

 

 

See this article to learn more about bank rules: Set up bank rules to categorize online banking transactions in QuickBooks Online.

 

On the other hand, you may want to verify if you've selected the Categorize option and then Split. This feature will allow you to assign a deposit into different accounts. Please refer to the added links provided by my peer @Joesem M for details.

 

Below are the images of how it looks like:

 

 

 

 

 

Additionally, here's the link that'll help you manage bank-related tasks. Just choose a topic that'll fit your concern: Find help with bank feeds and reconciling accounts.

 

Let me know how it goes or if you have other questions about deposits. I'll be here to assist you. Take care and have a great day ahead.

Steph G
Level 1

How can I select the correct account for each item in a deposit to allocate the funds in the correct line on the profit and loss?

Thank you @ShiellaGraceA.  I double-checked and I don't have rules set for these transactions.  I will try the split tomorrow...it imports into QBO a day before the transaction posts to my bank account.  I apologize for the missing screenshot, I clicked the wrong button.  Here they are now:

 

The first is a transaction previously imported that I was able to assign the category in the highlighted account column.  The second is what's listed in the dropdown today.  When I click the "see and add more categories", it still only shows bank accounts.

 

Previous Transaction.jpg

 

 

Missing Categories.jpg

 

I will try the split option when I see the transaction in my banking tomorrow.  Thank you!

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