How do I deposit to multiple accounts?

BigIguana

I think I'll give up for tonight. Maybe tomorrow I'll see something I'm missing. Thanks again Rocket!

Rocket J Squirrel

Good idea to sleep on it. It will get clearer.

UKR

- At the end of the day, tally up all checks on your deposit slip. In Quicken, in the "Checks to Deposit" account make a transfer transaction "Daily Deposits" in the amount of your deposit slip. Put the amount into the Payment column. As category choose your checking account, surrounded by [square brackets], e.g. [ABC Bank Checking]. Verify that this reduces the balance in the "Checks to Deposit" account back to zero (or you have made a mistake somewhere along the way).

To turn this "Daily Deposits" transaction into one that deposits to multiple accounts, work with the "Checks to Deposit" account register.
Let's say you have $800 in checks to deposit and you want $500 to go to Business Checking, $200 to your personal Savings account and withdraw $100 Cash.
Here's what this transaction looks like, with proper transfer Splits, in my test file using my account names:

Try it!

BigIguana

Looks like this could eliminate a few steps, I'll try it. Thank you.

BigIguana

Nope, can't get it to work. However I do it, entering a payment and depositing it to the Undeposited Payments account, then doing the split in that register, or just entering the deposit from the checking register, the first line is always [Invoices] $500.00. If I try to reassign that, or delete it, it says it will screw up the invoice payment.

When I do the splits, if the $ amounts are black, it takes them away from the accounts, and if I make them negative, it adds them, but in both cases, it adds the $500 to the Undeposited Payments account as well. If I hit the Adjust button, it gets rid of it, but I get an error message. When I just delete the floating total, it says I have one or more lines uncategorized. If I say OK, it says it is screwing up a payment applied to an invoice. If I say Cancel, it just goes back to the split. I'm giving up.

Thanks for trying all!

UKR

Please step back from everything you have been trying in the past and follow this simple Two Step process:

1. When receiving payment from a customer and entering the New Customer Payment transaction in the Customer Invoices register, deposit the check to the Checks to Deposit register, not your real business banking register.
2. When you get ready to go to the bank to deposit all your checks received so far, create the Daily Deposits transaction in the Checks to Deposit register exactly as shown in my example above. Just use your own bank register names instead of my account names

Don't try to fix old transactions deposited to your bank checking account before the addition of the Checks to Deposit register.

BigIguana

Starting... I entered a TEST invoice for $800.00
Then, I entered a payment, and deposited it to my Undeposited Payments account.
Then, I go to the Undeposited Accounts register.

Step one is what I have been doing since your first response, so, so far, so good.

Step two I started a new line, said the payee was DEPOSIT, but another transaction showed up, so I called it TEST instead. Opened the SPLIT window, entered the three transactions, and hit OK. A box popped up asking to SPEND OR RECEIVE the $800. I selected SPEND, because the money is leaving the Undeposited Payments account.

The balance of Undeposited Payments is back to what it started as.

The balance of the other three accounts are what they should be, showing the deposits.

Perhaps the issue was that when I did the deposit, it asked for the Payee, so I put the company name that had paid me. If that's the case, I can just put that in the Memo.

Not sure why something popped up when I wrote Deposit, but that's something else to check.

So, maybe this is working for me... Unfortunately, no new income in sight, so I can't test it. Maybe I'll have to back one or two out in order to try this again.

Thanks!

UKR

Now you're getting close.

When starting the Daily Deposits transaction, first put $800 (the total deposit slip amount) into the Payment column (or -800 into the Amount column), then open the Split dialog. Quicken needs to know if you're spending or receiving money. It doesn't go by the new Payee Name to make that determination.

Once the Daily Deposits transaction has been filled in correctly and saved, it should also have been memorized. So, tomorrow, when you start a new Daily Deposits transaction, it should already have been pre-filled in with the splits from today.