Quicken Community is moving to Single Sign On! Starting 1/22/21, you'll sign in to the community with your Quicken ID. For more information: http://bit.ly/CommunitySSO

How do I deposit to multiple accounts?

When I receive a payment from a client, that page allows me to deposit it into one account. My deposits are usually split between two accounts, and will often have cash back. How do I accomplish this?

Best Answers

«1

Answers

  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    As an aside, @UKR's recommendation is adapted from what QuickBooks does automatically ...  and I've made the same suggestion myself many times.  I was previously a QB user also.
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • BigIguana
    BigIguana Member ✭✭
    I never tracked anything in QB other than invoices, payments, and expenses. There you can enter a payment, without making a deposit, which created problems with reports.

    UKR, that could be the case. There are times when I am depositing multiple checks, that could be from one client, or multiple clients. Rarely, those all go into only my business checking account. More often, Some will go in the checking account, and some will go into the business savings account (for taxes). I will also often get cash back. And, I can do this all with just one deposit slip at my credit union. I was hoping there was a way to divide the deposit, similar to what you can do (I'm thinking QB here) when you enter a customer payment that covers multiple invoices. You enter the total amount, then select where it goes.

    The work around of a dummy account could work, just more steps than it should be. Thanks!
  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    You set up that intermediate account ONCE.  Then, you direct multiple payments from H&B  invoices to that intermediate account ONCE (per payment).  Then you transfer from that intermediate account to the destination account ONCE (per destination account).
    Is that REALLY more steps than it should be???
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • BigIguana
    BigIguana Member ✭✭
    I didn't say it sounded difficult, I just said it is more steps than it should be. Suggestion for product improvement.

    Thanks though.
  • BigIguana
    BigIguana Member ✭✭
    Look, I'm not here to get into an argument about how simple something is. I am looking for a way to perform a transaction in Quicken, the way I do in person; one deposit slip sends money to multiple accounts, as well as cash back. The only options I was seeing for putting money into bank accounts was through the New Payment window, or the account register. Apparently there's not a way to do this in Quicken, and UKR offered a simple solution.

    To make it less steps, how about sub-accounts? I have one master Business account, and sub accounts of Cash, Checking, and Savings. Then when I go to the drop down in the payment window, there's a space next to each, so I can send some to each sub-account.

    Or in the payment window, have a list of bank accounts, like the list of invoices that is already there, and you're allowed to select an account, and say how much money goes there. Like you're allowed to select an invoice, and determine how much goes to it.

    Either way, all in one window, in one place.

    Maybe at least add a cash back option.

    Does it save a lot of time? Probably not. But being able to do it all in one step, or window, to me is easier. And isn't that what software is supposed to do?
  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    " one deposit slip sends money to multiple accounts,"
    How is that possible ...since the deposit slip has the account number of ONE  and ONLY ONE account number on it???
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • BigIguana
    BigIguana Member ✭✭
    Sub-accounts. There is a base account number, and under that are the sub-accounts. I write the base account number on the deposit slip, 12345, and then the slip lists the common types that are available, loan, checking, savings, and a blank space for other. The sub-accounts have numbers too. So, if I had $500.00, I write 12345 on the top, and in the row for savings, it has an 01 next to it, the checking has an 02 next to it, etc.

    The receipt lists your name, date and base account on the top, then at the beginning of each row, has the sub-account number, and how much was put in, or taken out.

    At the bottom of both the deposit slip, and the receipt is a place for cash back. QB at least had that option.

    So technically, your savings account is 12345-01, the checking is 12345-02, etc.

    It is the same on their website. I log into account 12345, and it lists all of my accounts under that.
  • BigIguana
    BigIguana Member ✭✭
    Left off a piece of the example.

    So with the $500, I can write $200 next to 01 savings, and then $260 next to 01 checking, and then at the bottom say $40 cash back
  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    And there's no such thing, in Q, as sub-accounts.  Your checking and savings accounts, in  Q, are separate entities.
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • BigIguana
    BigIguana Member ✭✭
    Yes, you're correct. As I said, I was looking to see if there was a way to do it, and it does not appear there is.

    I did set up the Undeposited Payments account, and the Cash account (for cash back, or just out). For the payment at the top of the pile, I went to the Invoice page, selected New Payment, entered the info, depositing it to the Undeposted Payment account.

    Then went to the Undeposited Payment account page, and went to the upper right drop down and selected Transfer, then filled out the info for the Savings deposit, then back to the upper right drop down to select Transfer again, then filled out the info for Checking, then back to the upper right drop down to again select Transfer, and fill out the info for Cash.

    So no, not difficult, but it still seems like it could be more streamlined to me.
  • BigIguana
    BigIguana Member ✭✭
    If I stay caught up, and do this each time I make a deposit, it probably won't bug me too much. Now, when I'm trying to input the first five months of the year, it will be tedious to go back and forth.
  • BigIguana
    BigIguana Member ✭✭
    Also had to go back and add a category for Withheld taxes. Thought about setting up a paycheck to take care of that, but my checks are for a different amount every time, depending on the number of events worked in the time period, and the amount of OT.
  • Rocket J Squirrel
    Rocket J Squirrel SuperUser, Windows Beta ✭✭✭✭✭
    Maybe I'm completely missing the point. I was thinking you could do this simply with a split transaction. In this example, I got $1000 from a client, put $700 into savings, took $100 in cash, and the remaining $200 landed in the checking account where the split transaction is. There must be a complication I'm missing?

    Quicken user since version 2 for DOS, now using QWin Premier Subscription on Win10 Pro.
  • BigIguana
    BigIguana Member ✭✭
    That sure sounds like what I was trying to do. I'll go see if I can find that. Thanks!
  • BigIguana
    BigIguana Member ✭✭
    Maybe I did it wrong, but it didn't work for me. I went to the checking account, entered the deposit, then selected SPLIT at the end of the row (once I figured out that's what that sideways Y was), selected the other accounts in the category section of the split, then saved.

    When I went to check the Savings and Cash accounts, they showed the transaction as a payment, so deducted the amount from the account, rather than deposit it. Going back to look again...
  • BigIguana
    BigIguana Member ✭✭
    Tried entering the deposit in the checking account, selecting SPLIT, and in the category list this time, selected TRANSFER, then the account, but still no good. Added the full deposit to the checking account, and still showed it as a deduction in the other accounts. I'm missing something...
  • Rocket J Squirrel
    Rocket J Squirrel SuperUser, Windows Beta ✭✭✭✭✭
    Look closely at the line items in the split (By the way, CTRL-S is the quickest way to open a split transaction). The transfers to the other accounts are negative numbers in the split. This should render them as positive numbers - deposits - in the other accounts.

    Quicken user since version 2 for DOS, now using QWin Premier Subscription on Win10 Pro.
  • BigIguana
    BigIguana Member ✭✭
    Tried doing a regular payment, then going into the checking account and splitting, same result. Tried splitting with negative numbers, couldn't find where they went. Everything was labeled TEST, so I went back and deleted them all.
  • BigIguana
    BigIguana Member ✭✭
    I'm missing something. What page are you on when you get into the SPLIT window? Mine has never said CLIENT PAYMENT, or any type of PAYMENT. For the $500, the category is INVOICES.

    Tried it again, entering a deposit from the checking register. Doing the split, the entered amount was black, but there was a floating red number underneath. As I moved on to each account, it turned out the red number was a running total. However, when I was done, the full $500 went into the checking accounting, and the other amounts were deducted from the other accounts.
  • Rocket J Squirrel
    Rocket J Squirrel SuperUser, Windows Beta ✭✭✭✭✭
    I was just using "Client Payment" as an example category. I can't see the category names you actually use. The "page" is the checking account register.

    I guess you are new to Quicken? Try going through the online help (press F1) and/or looking at the YouTube videos (https://www.youtube.com/user/Quicken).
    Quicken user since version 2 for DOS, now using QWin Premier Subscription on Win10 Pro.
  • BigIguana
    BigIguana Member ✭✭
    Thanks. I tried the online help first, but wasn't even getting close. A lot of my questions, the online help came back with answer for properties, which I don't have. Just a service.

    I'll try the videos. I tried it three times from the checking account register. At least I had that right. I did try entering negative numbers one of the times, and it didn't work. I'll try it again.

    Been using Quickbooks for over 20 years, and got tired of cursing at it. Entering everything was easy, but getting the information back out, not so much. I could do three different sales reports, and they would all have different answers. I thought this would be a simpler, and cheaper way, since all I used to track was invoices, payments, and expenses. Thought I'd try doing everything here, since it was all available, both personal and business, and I have the time these days.
  • BigIguana
    BigIguana Member ✭✭
    Did you first enter the payment from the invoice page, or did you just enter it as a deposit in the register? I've tried both, but wanted to try and follow along correctly. Thanks!
  • BigIguana
    BigIguana Member ✭✭
    OK, did it again, from the checking register. Left the top line $500 black as it came up, entered the other accounts as negatives, and saved. Went to the other accounts, and the items were there, as positive numbers. However, the checking account is still adding the full $500 to the balance.
  • Rocket J Squirrel
    Rocket J Squirrel SuperUser, Windows Beta ✭✭✭✭✭
    I don't have the Home & Business edition of Q, so I don't have the invoice feature at all. I just entered the split transaction in my checking account register.

    There's a lot to learn about Q. I guarantee you won't figure it all out quickly. Take your time and try not to let it frustrate you too much. Yet.  :)
    Quicken user since version 2 for DOS, now using QWin Premier Subscription on Win10 Pro.
  • BigIguana
    BigIguana Member ✭✭
    Tried it again, same result. There is a floating total (positive) under the negative numbers. When I hit SAVE, it say there are one or more uncategorized lines. Even when I delete that, it gets put back in when I SAVE. Still getting the additions in the correct accounts, but checking is still adding the full $500 to that balance.
  • Rocket J Squirrel
    Rocket J Squirrel SuperUser, Windows Beta ✭✭✭✭✭
    BigIguana said:
    OK, did it again, from the checking register. Left the top line $500 black as it came up, entered the other accounts as negatives, and saved. Went to the other accounts, and the items were there, as positive numbers. However, the checking account is still adding the full $500 to the balance.
    You're getting warmer. Without looking over your shoulder, I can only try to visualize what you're looking at. Try the Adjust button in the split window, then OK. If I'm guessing right, that should adjust the split balance to the right amount to land in checking.
    Quicken user since version 2 for DOS, now using QWin Premier Subscription on Win10 Pro.
  • BigIguana
    BigIguana Member ✭✭
    Thank you! Maybe that's the difference. Seems like I'm following your lead. The first suggested work around is pretty simple, if it does add an extra step or two.
  • BigIguana
    BigIguana Member ✭✭
    When I hit the ADJUST button, it erases the $500, after I delete the floating $500, but it erases the entire amount from the checking account. So the other accounts get their amounts, but the checking account gets $0.
This discussion has been closed.