Matching combined Atm Deposits from a different account

Larry Clark · ‎August 16, 2020

Quickbooks Desktop Accountant 2019.

Bear with me, Life was complicated at one time.

I have a paypal account I use for receiving money from sales online, and I have a business bank account I use to move money from paypal too.

Sales come in and go into the paypal account. at one point I could not wait a day or two to do an electronic transfer, so I would manually go to the bank, do an ATM wihtdrawal form paypal for 400$, then pull another 400$ the following day and then deposit the total 800$ into the business bank account.

Or sometimes I would only deposit 700$ of the 800$ withdrawn form paypal, into the bank account.

I'm trying to find how to match the withdrawals to the deposits.

As I use either the bank feed, or as I am doing now and entering manually old transactions(trying to catch up on taxes) the deposits show up as one deposit. I need to be able to divide that deposit up into the amounts withdrawn form paypal so they all match up.

Am I making sense?

so $400 on Monday withdrawn form paypal, then another $400 withdrawn form paypal on Tuesday.

Then Tuesday I deposit that into the business bank account and it shows as $800 deposited.

How to match that deposit to the 2 withdrawals from paypal on Monday and tuesday?

as is is now I am using Owners draw for the withdrawals and then again for the deposits.

thanks

RCV · ‎August 16, 2020

Let me share some information about matching your downloaded transactions into QuickBooks, Larry Clark.

When using bank feed, we are dependent on what your bank shares with us. The bank transactions can be matched to multiple transactions in QuickBooks. However, matching multiple bank transactions to a single QuickBooks transaction is unavailable.

QuickBooks Desktop tries to match downloaded transactions to any transactions that are already in the related account. You can check out the criteria below:

If the check numbers match.
If the amounts are the same.
If the transaction was recorded in QuickBooks within a few days of the downloaded transaction clearing the bank.
If the payees are the same or if the payee in the downloaded transaction is identified by a renaming rule.

If the transactions are recorded only within Paypal and bank platforms but not in QuickBooks, just manually create a bank deposit. Just follow the steps and details in this article: Record and make Bank Deposits in QuickBooks Desktop.

Then, go back to the Banking Feeds Center and match the deposit. If you can't find a matching transaction, please refer to this article: Add and match Bank Feed transactions in QuickBooks Desktop. Then, go to Can't find a match section. You'll also see there on how to troubleshoot the issue to match them in the imported bank data.

On the other hand, it would be best to consult your accountant on the other options about matching your withdrawals and deposits. They'll provide you details on how to best handle this one in QuickBooks.

Just in case you need to pay the owner using an owner's draw account, see Set up and process an owner's draw account article for the detailed steps.

I have a link here where you can find articles about managing bank feeds and reconciling your accounts: https://quickbooks.intuit.com/learn-support/en-us/banking/07?product=QuickBooks%20Desktop.

Feel free to touch-based with me if you need a hand categorizing your bank transactions or any QuickBooks related. Assistance is just one post away. Take care always.

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Matching combined Atm Deposits from a different account

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