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Downsview
Level 2

How to split a manual deposit from Undeposited Funds to go to 2 ACCOUNTS (represents actual bank deposits) The deposit is of payment where there is split income accounts

So extra details: [FIRSTLY, IM NOT AN ACCOUNTANT, NOR AM I A QB PRO, JUST A SMALL BUSINESS OWNER MAKING AN EFFORT] -Our service list has our income streaming into 2 income accounts, depending on the service. So, QB puts payments into "Undeposited Funds", which is fine because it's still in our hands. When we go to the bank to deposit, the deposit is split between 2 different bank accounts, reflecting the split in income accounts in our list of services, invoices, and payment receipts. So when it comes to manual QB deposits of payments received, can it be split into different accounts on QB? PS: we don't have the option to automatically sync bank accounts to QB.
Solved
Best answer May 09, 2021

Best Answers
JessT
QuickBooks Team

How to split a manual deposit from Undeposited Funds to go to 2 ACCOUNTS (represents actual bank deposits) The deposit is of payment where there is split income accounts

Hi Downsview,

 

Welcome, and thank you for posting your question in the Community. I truly admire your humbleness and your effort to explain your concern.

 

Though the Bank Deposit page shows the breakdown of the total deposit into transactions, we're unable to modify the amounts. Therefore, we need another way to split the deposit into two, and I'm happy to guide you through it.

 

First, determine the half amount of the deposit and move it from Undeposited Funds (UF)to the first bank account via journal entry. Let's say the total amount is $100, so we'll take the half amount which is $50, so your journal entry will look like this.

 

 

The JE will also reflect on the Bank Deposit page with a negative amount. Therefore, you can also select it to reduce the total deposit, like in the screenshot.

 

 

That's it. You can check your bank registers to see the two deposits.

 

If you have other questions about your bank deposit, please let me know.

View solution in original post

2 Comments 2
JessT
QuickBooks Team

How to split a manual deposit from Undeposited Funds to go to 2 ACCOUNTS (represents actual bank deposits) The deposit is of payment where there is split income accounts

Hi Downsview,

 

Welcome, and thank you for posting your question in the Community. I truly admire your humbleness and your effort to explain your concern.

 

Though the Bank Deposit page shows the breakdown of the total deposit into transactions, we're unable to modify the amounts. Therefore, we need another way to split the deposit into two, and I'm happy to guide you through it.

 

First, determine the half amount of the deposit and move it from Undeposited Funds (UF)to the first bank account via journal entry. Let's say the total amount is $100, so we'll take the half amount which is $50, so your journal entry will look like this.

 

 

The JE will also reflect on the Bank Deposit page with a negative amount. Therefore, you can also select it to reduce the total deposit, like in the screenshot.

 

 

That's it. You can check your bank registers to see the two deposits.

 

If you have other questions about your bank deposit, please let me know.

View solution in original post

Downsview
Level 2

How to split a manual deposit from Undeposited Funds to go to 2 ACCOUNTS (represents actual bank deposits) The deposit is of payment where there is split income accounts

Thanks! Like I'd said, I'm not an accountant nor a QB Pro, but your explanation was clear and easy enough to understand/follow and it was successfully implemented!

I have a few other questions, but I will be asking them under separate posts.

Thanks again.