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Anonymous
Not applicable

Split Deposit as Transfer & Match Payment

Made a few check deposits and realized some match payments while one in particular is actually a transfer (check written to myself). Now I know to separate these deposits to avoid this confusion, but how do I resolve this in QBO.

Example: $10,000 deposit = $5000 match payment + $5000 match transfer.

7 Comments
Regina_Lend_A_Hand_Accounting
Level 9

Split Deposit as Transfer & Match Payment

Undo all of the matches for transactions in question, then redo them in the order of operations. Always make the transfers "from to accounts". Your match for transfers should always be on the "receiving" (to) side. Deposits should match invoice payments received to undeposited funds that total the amount of your daily bank deposits. That is unless the deposit was contributed capital, or there was no invoice or sales receipt created for the customer payment.

Anonymous
Not applicable

Split Deposit as Transfer & Match Payment

Sorry, I don’t follow what action I should take. After undoing actions, add the “from” transfer? Now how do I split the transaction that has a deposit (with matching invoice) and transfer (with matching “from” transfer)?

Regina_Lend_A_Hand_Accounting
Level 9

Split Deposit as Transfer & Match Payment

Receive a payment against the matching invoice to "Undeposited Funds" instead of your bank account (outside the bank feed). Then go to to "Plus" + / Other / Bank Deposit and create the deposit that you put to "Undeposited Funds", adding funds to the deposit (below selected deposit you just received against your invoice to Undeposited Funds) a negative amount against loan interest, until the deposit total matches what actually went into your bank feed. Make sure you update the deposit date as well, as it will default to todays date. I'll send you a picture in my next post.

Regina_Lend_A_Hand_Accounting
Level 9

Split Deposit as Transfer & Match Payment

Also, the transfer should not be a part of this transaction. Transfers are not made with deposits. You transfer from one account to another, then match the transfer on the receiving side. Deposits are made separately.

Regina_Lend_A_Hand_Accounting
Level 9

Split Deposit as Transfer & Match Payment

Loan Fee Deduction to Bank Deposit.JPGReceive Payment to Undeposited Funds.JPG

Anonymous
Not applicable

Split Deposit as Transfer & Match Payment

Thanks for the description with images. I think I understand now how to manually create that deposit and add funds against the existing payment in undeposited. Does the transaction in Banking disappear? Do I then ignore this? Now I presume there must be a method to manually delete it?

 

Not sure if you understand completely my dilemma...How do I deal with the transfer amount?

1.  I have a QBO connected account, with a transaction (spent amount) thats actually a check.

2.  However, this check was deposited to another QBO connected account. So, I wanted to match this transaction (received amount) as a transfer. So it's not logged as income.

 

Regina_Lend_A_Hand_Accounting
Level 9

Split Deposit as Transfer & Match Payment

For the transfer you need to delete any amount that is on the bank register already for both connected accounts. The original amount transferred from and to need to go back into your bank feeds, both of them. Then transfer from the bank feed originating account to the intended transfer to account. You should see a match there to add. You transfer on one side (originating) and add the transferred amount on the other side (receiving)

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