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How to Split a Bank Deposit for a Single Sales Receipt

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November 25, 2022
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I have a system where the total deposit for a single sales receipt is split between different banks. Cash goes to Bank A, and credit cards go to Bank B.

When choosing funds from the Undeposited Funds account to add to a bank deposit, it only allows me to add the entire sales receipt amount. Is there a way to only deposit a certain amount of the Sales Receipt to each bank account?

For example, a Sales Receipt for $1,000 total where $300 goes to Bank A for cash and the remaining $700 goes to Bank B for credit card transactions.

Best answer by tburch

For anyone wondering, I found a better option for this that doesn't require a barter account and keeps bank reconciliations clean.

Think about things in terms of debits and credits:

If you add a line to the bank deposit and the amount is positive, that account must be credited since the increase in cash on the deposit would be a debit to the bank account. With this logic, any amount entered as a negative would then be a debit to the account entered on a line item, while simultaneously reducing the amount of cash being deposited to the bank account selected for the deposit.

If a deposit has three different payment avenues, you can enter the first two as negatives, and then leave the remainder in the main deposit. Attached is a screenshot example.

In this bank deposit, the main bank is "Operating (Credit Card Deposits)" - this is where the remainder will be deposited. The other two deposits shown in the "Add funds to this deposit" section are entered as negative amounts to debit those bank accounts and reduce the remaining deposit.

Here is an image of the transaction journal showing the debits and credits:

And here is a screenshot of the bank register after entering the deposit, showing the increase in cash:

As you can see, since there was a line item for Cash Registers, and then the main deposit (remaining amount) for pay at pump, there are two entries created; each line item is treated separately.

This method is perfect if you have multiple sources of cash flow for a single daily shift total based on payment type.

For example: our cash registers are manged by a different card processor than our pay-at-the-pump gas stations, so we received those deposits separately despite both being paid by credit card. This method matches the actual flow of cash into the bank so our bank reconciliations are a breeze and we don't have to make calculations when reconciling.

JessT

Hi tburch,

Thank you for getting help with recording your customer's payment. I'm happy to share a way to reflect the breakdown of their payment in your two accounts. You can consult an accounting professional about this since this won't be the usual process of posting a sales receipt.

To do this, you'll want to first deposit the sales receipt into a barter account. Then transfer 300 to bank A and 700 to bank B. A barter account, on the other hand, is a bank type and is used to move funds between accounts. It should always have a zero balance.

Step 1: Set up a barter account.

Go to Settings ⚙ then select Chart of accounts.
Select New to create a new account.
Under the Account Type ▼ dropdown, select Bank.
Under the Detail Type ▼ dropdown, select Cash on hand.
Enter the account name. (ex. Barter Account).
Select Save and Close.

Step 2: Deposit the sales receipt into the barter account.

Step 3: Transfer money from the barter account to bank A and bank B.

Reflecting the amounts into your two accounts should let you reconcile without issues.

Let us know if you need help as you record the transactions. We'll continue assisting you.

T

tburchAuthorAnswer