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Level 1

Record Check Deposit and Cash Transfer from the Same Transaction

I deposited several checks, as well as balanced my cash box on the same day, and they're showing up as the same transaction. I need to split this transaction into two parts:

 

1. 80% of the total matches to invoices, which have been recorded, and I would usually do using "Match Transactions"

2. 20% of the total is a transfer from pre-recorded payments from one account, Cash on Hand, to another account, Checking Account, which I would usually do using "Record Transfer".

 

How do I split this transaction to reflect both?

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QuickBooks Team
QuickBooks Team

Record Check Deposit and Cash Transfer from the Same Transaction

I've got some steps we can perform to split the check deposit and cash transfer transactions and reflect them both, BothellFarm.

 

We can use the Resolve Difference feature to split and reflect both transactions when matching the bank data. This allows you to create a reduction or an expense transaction by entering a negative value on it. If you'll need to cover up the remaining balance of the deposit then enter a positive value. Let me show you how:

  1. On the Banking page, select the For Review tab.
  2. Select the transaction to open it. Then, tap the Find other records or Find match button to open the Match transactions window.
  3. By default, the Match transactions window lists All transactions within the date range, but you can narrow the results.
  4. Use options on the Show drop-down menu to specify the type of transaction you're looking for.
  5. Then, tap the Resolve Difference button to open the Add resolving transaction fields. Then, add the Category and Amount of a resolving transaction until the difference equals zero.
  6. If necessary, you can use the Add new transaction button to add multiple resolving transactions.
  7. Press Save.

For the steps and details about this one, Categorize and match online bank transactions in QuickBooks Online article. When you're ready to assess your business financials, just reconcile your bank account in QBO.

 

Feel free to visit our Banking page fr more insights about managing your bank transactions.

 

I'd like to know how you get on after trying the steps, as I want to ensure this is resolved for you. Just reply to this post and I'll get back to you.

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