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Tawnytim
February 11, 2024
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How should I split this deposit?

  • February 11, 2024
  • 2 replies
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I recently switched banks.  I have two checking accounts connected, my old checking which I'll call Checking1 and my new checking which I'll call Checking2.  Checking1 had a balance of $580 and was fully reconciled in QB at the time I closed the account at the bank.  At this bank I had that checking account and personal savings account.  The teller asked if I wanted two separate checks(since I was closing both accounts) and I asked for just one check - the sum of both accounts being closed.

 

Now, in QB I'm stuck.  I've got a $695 deposit, of which $580 is Checking1.  So, really I need to "transfer" the $580 from Checking1 to Checking2, thus zeroing out Checking1 in QB.  The trouble is that the remainder of $115 is to be credited to "Owner Investment".  

 

How do I handle this deposit?

Best answer by Nicole_N

I can help you transfer the deposit to your new Checking account in QuickBooks Online (QBO), @Tawnytim. Let's go over some details and get your work done in no time.

 

You'll want to exclude the deposit transaction instead of splitting it. Then, manually transfer the amount of $580 into your checking account and create a bank deposit into your equity account for the $115 remainder. 

 

Here's how to exclude a transaction:
 

  1. Go to Transactions, then select Bank transactions.
  2. Tap the For Review tab.
  3. Choose the checkbox of the deposit transactions to exclude.
  4. Click Exclude.
     

Then, let's transfer the $580 to your checking account:
 

  1. Go to +New then select Transfer.
  2. In the Transfer Funds From dropdown list, choose the bank account that the money is coming from.
  3. In the Transfer Funds To dropdown list, select the bank account that the money is going to.
  4. Enter the amount being transferred in the Transfer Amount field.
  5. Edit the Date field.
  6. Click Save and Close or Save and New to complete the transfer.
  7. Tap Yes if you double-checked the date.

 

You can find the recorded transfer by checking each account register in the chart of accounts.


Lastly, let's record the record the $115 deposit into your equity account: 
 

  1. Go to +New, then Bank deposit.
  2. From the Account ▼ drop-down menu, select the bank account you're depositing the money into.
  3. Enter the Date you deposited the money.
  4. In the Add funds to this deposit section, enter the name of the investor in the Received from the field.
  5. Choose the appropriate equity account from the drop-down list in the Account field.
  6. Specify a Payment method.
  7. Enter the investment amount in the Amount field.
  8. Click Save and Close.

 

I've also included a detailed resource about categorizing and matching transactions which may come in handy moving forward: Categorize & match online bank transactions


You're always welcome to reach us again if you have follow-up questions about transferring a deposit to your checking account. The Community team is always around to help.

2 replies

Nicole_N
Nicole_NAnswer
February 11, 2024

I can help you transfer the deposit to your new Checking account in QuickBooks Online (QBO), @Tawnytim. Let's go over some details and get your work done in no time.

 

You'll want to exclude the deposit transaction instead of splitting it. Then, manually transfer the amount of $580 into your checking account and create a bank deposit into your equity account for the $115 remainder. 

 

Here's how to exclude a transaction:
 

  1. Go to Transactions, then select Bank transactions.
  2. Tap the For Review tab.
  3. Choose the checkbox of the deposit transactions to exclude.
  4. Click Exclude.
     

Then, let's transfer the $580 to your checking account:
 

  1. Go to +New then select Transfer.
  2. In the Transfer Funds From dropdown list, choose the bank account that the money is coming from.
  3. In the Transfer Funds To dropdown list, select the bank account that the money is going to.
  4. Enter the amount being transferred in the Transfer Amount field.
  5. Edit the Date field.
  6. Click Save and Close or Save and New to complete the transfer.
  7. Tap Yes if you double-checked the date.

 

You can find the recorded transfer by checking each account register in the chart of accounts.


Lastly, let's record the record the $115 deposit into your equity account: 
 

  1. Go to +New, then Bank deposit.
  2. From the Account ▼ drop-down menu, select the bank account you're depositing the money into.
  3. Enter the Date you deposited the money.
  4. In the Add funds to this deposit section, enter the name of the investor in the Received from the field.
  5. Choose the appropriate equity account from the drop-down list in the Account field.
  6. Specify a Payment method.
  7. Enter the investment amount in the Amount field.
  8. Click Save and Close.

 

I've also included a detailed resource about categorizing and matching transactions which may come in handy moving forward: Categorize & match online bank transactions


You're always welcome to reach us again if you have follow-up questions about transferring a deposit to your checking account. The Community team is always around to help.

    T
    TawnytimAuthor
    February 12, 2024

    My HERO!!!!  Thanks!

    S
    Shania_C
    February 12, 2024

    My colleague and I are glad to hear that the recommendations we provided helped you resolve your concerns, @Tawnytim. Please be informed that the QuickBooks Community is always available to assist you with any QBO-related tasks and provide guidance whenever you need it. If you require further assistance with the split deposit, please feel free to post your queries here anytime. We hope you have a great day ahead, and please take care and stay safe.

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