Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
Connect with and learn from others in the QuickBooks Community.
Join nowHi,
I am a bit confused about the daily sales receipts process. The popular opinion is to set up a template and assign the various receipt categories ( credit card, cash, product sales, service sales, tips payable, sales tax liability etc) to undeposited funds and later match them to the bank deposits when they occur.
In my case I have months of daily transactions already posted that haven't been done and so was wondering if I couldn't just split the credit card bank deposits that have already posted to the account and input the amount for the various receipt categories for all but the cash. I can then input a sales receipt for all the cash components to undeposited funds, group them then match them to the bank cash deposits during the period accounting for any over/under and any petty cash expenses too.
Can someone please tell me why this would not satisfy the same requirement using fewer steps or explain a shorter way to achieve my objective? Thanks!
Solved! Go to Solution.
Thank you for responding back, @Anonymous.
I'm the right person to help you include the negative cash components when splitting the bank transaction.
You can add a line and enter the negative cash component when you split the transaction. I'll provide the steps below and some screenshots:
For additional reference, you can check this link: Add and match downloaded banking transactions.
That should get you on the right directions. I'm still here to help you if you have more questions. Just click the "Reply" button. Have a wonderful day!
Hello, ccspringtx.
Yes, you can still split the transactions that are already posted. Here’s how:
You can also split the transactions in your register. For the steps, please refer to this article: https://quickbooks.intuit.com/community/Help-Articles/How-to-enter-a-split-transaction-into-the-regi....
Aside from undeposited funds, you can choose your desired account for your Sales Receipt, just click the arrow under Deposit to. The last account you've used in your Sales receipt will auto popup in your next Sales receipt transaction.
Also, you can match your credit card bank deposit to the posted sales receipt transaction:
1. Go to Banking>Banking.
2. Select the account involve.
3. Go to For review tab.
4. Locate and click the transaction.
5. Select find match.
A list of possible match transactions will show up. Select the sales receipt from there. Drop by again if you have other questions.
Thanks for the response Mikd. You are right that i can use the steps provided to split a transaction but it unfortunately it doesn't work in my scenario because part of the service and product revenue includes cash. The split needs to include a negative number for the cash component to deposited funds and it is will not save that way with the error 'you need to select a bank for this deposit'. Is there another way to do this or maybe a way to group multiple undeposited funds sales receipts and apply them to 'multiple' bank deposits? Thanks.
Hi there, @Anonymous.
I appreciate you coming back to us for additional support. Allow me to join this thread and ask some more details about your split credit card bank account deposits concern.
Did you record the transactions individually in QuickBooks? You also mentioned about entering the cash as negative. Is this amount an expense transaction?
I'll be glad to help you more once I have all the needed information. I'm looking forward to your response.
Thanks for asking. The transactions are already directly downloaded into quickbooks from the bank account. I am trying to split them to reflect the different components. However, the product sales and service sales include cash components so the only way to 'match' the deposit total would be to include a negative cash component. This may be why it is not working. I was looking for a faster way to make those deposits reflect actual business transactions.
Thank you for responding back, @Anonymous.
I'm the right person to help you include the negative cash components when splitting the bank transaction.
You can add a line and enter the negative cash component when you split the transaction. I'll provide the steps below and some screenshots:
For additional reference, you can check this link: Add and match downloaded banking transactions.
That should get you on the right directions. I'm still here to help you if you have more questions. Just click the "Reply" button. Have a wonderful day!
Thanks.
You're most welcome, ccspringtx.
Please remember I'm here anytime you have additional questions or concerns with QuickBooks Online. You can reach out by posting in the Community again. Wishing you all the best!
You have clicked a link to a site outside of the QuickBooks or ProFile Communities. By clicking "Continue", you will leave the community and be taken to that site instead.