Grouping payment and cash loan in one deposit?

Hi,
I made a deposit that consisted of two checks: one was a payment
received from a customer. The other was a check that I wrote, loaning
my company $500 just to cover a temporary gap in cash flow. These show
up as separate transactions in the register, but only one transaction
when downloaded from the bank. Now, if these were both received
payments from customers, I could just use Undeposited Funds, as I
normally do. However, there doesn't seem to be a way to choose
Undeposited Funds for the $500 check I loaned the company. Does anyone
know how I should handle these transactions, so that I can match the
downloaded transaction with what appears in my register?
Thanks in advance for any help.
John
Reply to
JohnB
How did you record the $500.00 loan to the company?
If you used a Journal Entry, you could have debited the Undeposited Funds Account. This would then show up just like customer checks in the Make Deposits window. Select both items to make a combined deposit, and the total shows up in the register (not the two individual items) just like the bank is reporting it.
Reply to
CMS, VA CPA
Thanks for your response. No, I recorded the $500 just as a deposit. I created a current liability category called "Owner's Loan" and used that to categorize the loan. (I have no idea if that's the right thing to do or not.) I'll try to delete the deposit and enter it as a Journal Entry. Thanks again!
John
Reply to
JohnB
Actually, would you (or someone) mind telling me exactly how I should enter this in the Journal Entry screen? I don't have any experience using the Journal so I want to make sure I do it right. What do I choose for the different fields? Thanks in advance.
John
Reply to
JohnB
The specifics below refer to QB 2006 Accountant's Edition. You did not specify which QB you are using so you may have to adjust the instructions slightly to conform to your version of QB.
Use the Journal Entry Window- Company > Make Journal Entries
Date is date of your transaction Entry No. can be blank or not- your choice Adjusting Entry box unchecked Account and amounts Debit 500.00 to Undeposited Funds account Credit 500.00 to "Owner's Loan" (this is OK- it should be a liability account- I generally use long term rather than current for Owner Loans as a standard even if you intend to pay it back in less than one year, but this is not usually a big issue) A short explanation can go in the Memo field if you desire
"Save and Close"
That's it for the journal entry.
You probably made the original entry directly into the check register. If so, you can delete it.
Reply to
CMS, VA CPA
Assuming you received payment from you customer to Undeposited Funds, you would then have made a deposit selecting that payment from the Undeposited Funds list along with any other payments. This imports the payments into the Make Deposits window, where you can then add other deposited items such as your loan.
In your case, I would delete the deposit you entered for the loan, open up the deposit containing the customer payment, and add it there using the Loan account you set up. In other words, just enter the loan check directly in the Deposit - quick & easy.
Scott out.
Reply to
Scott

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