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Anonymous
Not applicable

Split credit card Bank account deposits rather than use undeposited funds via daily sales receipts?

Hi,

 

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
Best answer April 05, 2019

Best Answers
HoneyLynn_G
QuickBooks Team

Split credit card Bank account deposits rather than use undeposited funds via daily sales receipts?

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:

  1. On the left menu, click Banking.
  2. Under the For Review tab, click the transaction.
  3. Select the Add radio-button.
  4. Click Split.
  5. Enter the necessary information.
  6. You can add the negative (-) symbol for the negative cash component. Make sure that the difference is already $0.00 to save and add the transaction.
  7. Click Save and add.

1.PNG2.PNG

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!

View solution in original post

7 Comments 7
Anonymous
Not applicable

Split credit card Bank account deposits rather than use undeposited funds via daily sales receipts?

Hello, ccspringtx.

 

Yes, you can still split the transactions that are already posted. Here’s how:

 

  1. Got to Baking from the left menu. 
  2. Select the Banking tab. 
  3. Go to the account involve. 
  4. Go to the Reviewed tab. 
  5. Locate the transactions involve and click Undo. 
  6. Go back to For review tab 
  7. Locate and click the transaction in the For review tab. 
  8. Click Split at the bottom. 
  9. Select the accounts you desired to post the transactions. 
  10. Click Save and add.  


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. 
 

Anonymous
Not applicable

Split credit card Bank account deposits rather than use undeposited funds via daily sales receipts?

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. 

HoneyLynn_G
QuickBooks Team

Split credit card Bank account deposits rather than use undeposited funds via daily sales receipts?

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.

 

Anonymous
Not applicable

Split credit card Bank account deposits rather than use undeposited funds via daily sales receipts?

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. 

HoneyLynn_G
QuickBooks Team

Split credit card Bank account deposits rather than use undeposited funds via daily sales receipts?

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:

  1. On the left menu, click Banking.
  2. Under the For Review tab, click the transaction.
  3. Select the Add radio-button.
  4. Click Split.
  5. Enter the necessary information.
  6. You can add the negative (-) symbol for the negative cash component. Make sure that the difference is already $0.00 to save and add the transaction.
  7. Click Save and add.

1.PNG2.PNG

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!

Anonymous
Not applicable

Split credit card Bank account deposits rather than use undeposited funds via daily sales receipts?

Thanks. 

HoneyLynn_G
QuickBooks Team

Split credit card Bank account deposits rather than use undeposited funds via daily sales receipts?

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!

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