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Ozalways
November 16, 2023
Solved

How to Itemize a Deposit in QBO

  • November 16, 2023
  • 1 reply
  • 0 views

Paypal transferred the balance of the Paypal account into our QBO bank account. It was a lump sum comprised of donations from 20+ donors. Can I now edit that deposit so that all the individual donors and their donations are recognized and assigned to the correct class and category?  

Best answer by AnneMariee

Hi there, Ozalways. I'm here to ensure your deposit is allocated to their relevant donors and categories.

 

You can allot the amount of each donation to the relevant donor from one deposit by using the Split feature in QuickBooks Online. I'll guide you on how to do it.

 

If you've already categorized the transaction, you'll need to undo it from the Categorized tab. This way, you can see it again under the For review tab. If you haven't yet, you can proceed by following the steps below to split your deposit.

 

  1. On the For review tab, click on the deposit.
  2. Tap on Split beside the Add button.
  3. Choose the donors in the Received from column.
  4. Select the proper categories for each donation under the Category column.
  5. You can also fill in the Description and Class columns.
  6. Input the appropriate amount for each donation under the Amount column.
  7. Add as many lines as you need by clicking Add lines.
  8. Click Apply and accept.

 

You'll have to ensure that the split and original amounts have a zero difference. You can do this by checking that all allocated donations total the deposit amount. Once done, your deposit will be allocated to their appropriate donors and categories.

 

Check this article out for more info on categorizing your transactions: Match online bank transactions in QuickBooks Online

 

For future reference, here's a guide on reviewing your accounts in QuickBooks: Reconcile workflow.

 

Please reach out if you have any additional questions about categorizing and splitting your deposits. I'll be there for you at all times. Stay safe and have a great day!

1 reply

R
rvrfrf
November 16, 2023

Welcome to the Community, Ozalways. I appreciate your detailed information.

 

You can assign categories to transactions from the Banking screen.

 

Here's how:
 

  1. In your left navigation bar, go to Transactions, then Bank transactions.
  2. Find the account you're working with and click its tile.
  3. Access your For review tab to start reviewing transactions.
  4. Use the Category drop-down list to choose a category. You can also add new categories from the drop-down.

 

If a transaction's Category field has a category suggested by QuickBooks, you can either confirm or change it by choosing another one from your drop-down list.


In regard to assigning classes to downloaded bank transactions, you won't have to add classes again when you match downloads to existing transactions. In the event a downloaded transaction doesn't match with any existing records, you can assign a class and add it as a new record.

 

I've also included a couple detailed resources about working with bank transactions and classes which may come in handy moving forward: 
 

 

Please don't hesitate to send a reply if there's any additional questions. Have an awesome Thursday!

O
OzalwaysAuthor
November 16, 2023

ZackE, thx for your so prompt response. I followed your directions and they worked, except I couldn't see where to allocate the amount of each donation to the relevant donor. Help!

A
AnneMarieeAnswer
November 16, 2023

Hi there, Ozalways. I'm here to ensure your deposit is allocated to their relevant donors and categories.

 

You can allot the amount of each donation to the relevant donor from one deposit by using the Split feature in QuickBooks Online. I'll guide you on how to do it.

 

If you've already categorized the transaction, you'll need to undo it from the Categorized tab. This way, you can see it again under the For review tab. If you haven't yet, you can proceed by following the steps below to split your deposit.

 

  1. On the For review tab, click on the deposit.
  2. Tap on Split beside the Add button.
  3. Choose the donors in the Received from column.
  4. Select the proper categories for each donation under the Category column.
  5. You can also fill in the Description and Class columns.
  6. Input the appropriate amount for each donation under the Amount column.
  7. Add as many lines as you need by clicking Add lines.
  8. Click Apply and accept.

 

You'll have to ensure that the split and original amounts have a zero difference. You can do this by checking that all allocated donations total the deposit amount. Once done, your deposit will be allocated to their appropriate donors and categories.

 

Check this article out for more info on categorizing your transactions: Match online bank transactions in QuickBooks Online

 

For future reference, here's a guide on reviewing your accounts in QuickBooks: Reconcile workflow.

 

Please reach out if you have any additional questions about categorizing and splitting your deposits. I'll be there for you at all times. Stay safe and have a great day!

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