I have two sales receipts, one from 2018, one from 2019, both were marked as Undeposited funds. They wen to the bank as a single deposit in 2019. I'd like to split the two so that it correctly shows that the 2018 amount was received in 2018 and the 2019 amount was received in 2019 but when I match the QBO undeposited funds with the 2019 bank transaction it shows the full amount in 2019. Is there a way this can be split?
With a cash basis accounting method you record income when it is received. You receive the individual customer payments against invoices on the dates received to undeposited funds, and then you make the bank deposit on the date that the funds went into your bank account. You should always follow what "actually" happened. You have still technically recorded the payment receipt dates correctly, and you have recorded the deposit date and deposit total correctly. There is no need to split the deposit in undeposited funds between two dates and different years, because that is not what actually happened, nor what your bank statement will reflect.
Thank you, I think what you're saying makes sense.
My issue is that we're a non-profit and I'd like the reports to reflect the donations in the year in which they were given. I don't believe under the current process this is the case?
Thank you for posting @J Austin,
You would need to record these donations individually according to the year they were given so QuickBooks can reflect the records correctly.
First, you have to delete the transaction that was made for it. Then, record each donation individually as bank deposit and make sure to update each date when the transaction was made.
Here’s how to delete:
This is how you record each donation as bank deposit:
Please refer to this article for more related information:
I’d be more than glad to help you if you have other concerns. I'm just a post away.