QuickBooks splits bank transactions :(
QuickBooks online splits batch payments and receipts into multiple bank transactions. This is very poor accounting and is unacceptable.
If I pay 3 suppliers say $50,000 $30,000 and $20,000 in a batch, I expect to see a payment of $100,000 going out of my bank account so that it matches the statement.
Likewise, if I use the bank feed and match a receipt to the 3 invoices that my customer paid, I expect to see the amount that was deposited to my account, not 3 separate deposits.
I think QuickBooks needs some accountants on staff to explain basic accounting because this is simply unacceptable. Not only does it force us to add transactions together to match the actual statement amount, it is simply very poor record keeping.
Not good enough QuickBooks!