Deposit Checks from multiple Payees

Posted by trvlnmny on April 28, 2009, 5:04 pm

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I am using Q 2007 Basic.
I post a deposit of multiple checks to my checking account.
I would like to record the individual Payees names for these checks.
Is that possible?
I know I could post them as individual deposits but am concerned that
when I download my statement the transactions will not match.
Any annd all help is appreciated.

Posted by Laura on April 28, 2009, 5:24 pm

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>I am using Q 2007 Basic.

> I post a deposit of multiple checks to my checking account.

> I would like to record the individual Payees names for these checks.

> Is that possible?

> I know I could post them as individual deposits but am concerned that

> when I download my statement the transactions will not match.

> Any annd all help is appreciated.

You could mimic what QuickBooks does:

Setup a dummy bank acount. Manually record each check with the appropriate
Payee names. Then do a single bank transfer from the dummy bank account to
your real bank account for the total of the deposit. Now your bank
downloaded transactions will match your register.

Posted by XS11E on April 28, 2009, 6:47 pm

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> I am using Q 2007 Basic.

> I post a deposit of multiple checks to my checking account.

> I would like to record the individual Payees names for these checks.

> Is that possible?

> I know I could post them as individual deposits but am concerned that

> when I download my statement the transactions will not match.

That's how I do it, when I do an online update I see each check
downloaded as a separate transaction from the financial institution and
my statement shows them that way also.

--
XS11E, Killing all posts from Google Groups
The Usenet Improvement Project:
http://improve-usenet.org

Posted by Sharx35 on April 28, 2009, 7:57 pm

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> I am using Q 2007 Basic.

> I post a deposit of multiple checks to my checking account.

> I would like to record the individual Payees names for these checks.

> Is that possible?

> I know I could post them as individual deposits but am concerned that

> when I download my statement the transactions will not match.

> Any annd all help is appreciated.

I enter ALL checks INDIVIDUALLY into Quicken, physically accumulate them
between physical trips to the ATM, then deposit. When I reconcile the
monthly bank statement, it usually balances. If not, I manually add up the
cheques in the deposit and compare them to the paper slip from the bank--if
out of whack, it's usually because I did something dyslexic.

Posted by R. C. White on April 28, 2009, 9:17 pm

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Hi, trvlnmny.

We discuss this fairly often here. The answer really is very easy. It's
kind of like Laura's suggestion - only easier.

Just create a new Asset Account in the Banking group - but not a bank
account - and call it Undeposited Checks. When you receive a check, put it
here, showing who gave you the check. When you deposit one check or a group
of checks, credit this account for the total. It should show a zero balance
after each deposit. Each downloaded deposit entry should match one of those
group deposit totals.

If you cash one of those checks, rather than deposit it, just make an entry
EITHER in the Undeposited Checks account OR in your Cash account - not in
both - showing the transfer from one to the other.

That's what I've been doing for years, and others here report similar
practices.

RC
--
R. C. White, CPA
San Marcos, TX
(Retired. No longer licensed to practice public accounting.)
rc@grandecom.net
Microsoft Windows MVP
(Using Quicken Deluxe 2009 and Windows Live Mail in Win7 x64)

> I am using Q 2007 Basic.

> I post a deposit of multiple checks to my checking account.

> I would like to record the individual Payees names for these checks.

> Is that possible?

> I know I could post them as individual deposits but am concerned that

> when I download my statement the transactions will not match.

> Any annd all help is appreciated.