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Handling multiple vendor checks on one deposit slip

Hopefully Dan Brown will read this. I have come up with a solution to one of my needs but would like him or someone else to comment on whether I did it the best way or if there is a better way.

THE SITUATION: I get multiple checks in from different vendors and deposit them on the same deposit slip. I have noticed that Quicken reports just fine at the invoice level; however, I was not able to get any reporting at the deposit slip level. (I seem to recall that QuickBooks allowed for deposit slip aggregation.)

MY WORKAROUND: I used Dan Brown's sugestion and created a checking account called Undeposited Checks. When I got several vendors' checks, I just processed them per normal but used the bank account Undeposited Checks.

Then, I opened Undeposited Checks and created a transaction in which the "check" was in the amount of the deposit. Using a split transaction, I then entered each vendors' check, with the account debited being the regular checking account.

By doing a register report and either checking "breakdown of split transactions," I can see the deposit slip amounts or the individual checks in the transaction and by doing both have my audit trail.

MY QUESTION: Anybody got a better way of doing this?

BTW, I use Quicken Premier 2005 Home and Business Release R 5

Thanks. John.

Reply to
jnttsh
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Hi John,

First off, I usually create the U-C account as a "Asset Account" (under "Home & Business" on the account setup window) rather than as a Checking account ... but' it's not apparent what effect, that would have of functioning since Checking is a subset of all Asset account.

Next, it don't quite understand what info you're trying to obtain by splitting the U-C side of the deposit to your real bank account according to customer. Do you have a recurring problem with customers giving you bad checks? My resolution to that problem (which I don't have) would be to record the customer check number when you're assigning the check to the invoice.

Outstanding invoices are tracked in the Invoice register, so it's not apparent that it's for that info.

And if you're trying to determine "Income by Customer", just run a register report on the U-C account ... and subtotal by Customer.

So, I guess, I need a bit more info here. Why are you recording all of the customer info in the split? What are you trying to do?

db

Reply to
danbrown

Hi Dan,

Maybe I'm overkilling it but what I'm trying to accomplish is: I get multiple checks in the mail in payment of invoices. I deposit them using a single deposit slip and write the deposit manually in a check register. I wanted a way to easily in Quicken see the deposit made so that I can track back to a specific deposit, and then look at my Quicken entries for the specific invoices paid.

I have zero bad checks so that's not a problem.

So, really, the need is simply to track both the invoices (which Quicken does quite nicely) AND the specific deposits made (which I was attempting to do via the procedure I outlined).

I tested it and it works but is somewhat labor intensive and awkward in that I two transactions are requied.

And maybe the reality is that I don't need to track deposits (comprised of multiple invoices) at all.

Hope I gave enough information for your analysis. I look forward to hearing what you have to say. Thanks Dan. John.

Reply to
jnttsh

I guess that we've just got REALLY different situations.

My wife and I are both self-employed ... but we usually only have 1 (on occasion, 2) clients at any given time.

So it's quite easy to eyeball engineer the U-C register and figure out which deposit went with which invoice ... particularly since there's rarely more than 2 invoices open - for each of us - at any given time (1 just sent and 1 about to be paid). And the U-C register regularly goes to $0 (unless I'm slow in getting to the bank).

So, I suppose that you've got a decision to make. Is the "pain factor" (i.e., the effort) worth the perceived benefit?

(the other possibility, after I typed the above, is: how much does running a register report on the U-C account, and subtotalling by client provide towards what you're seeking?)

db

Reply to
danbrown

Dan,

As always, I really appreciate your insight and counsel.

I use Quicken for one business that is similar to the one you outlined. For that one, I have never had a problem with invoices/deposits for reasons very similar to the ones you mentioned.

I also use Quicken temporarlily for a second business. For that one, I generate from 10-13 invoices a week at the moment, and think that within a month or two it'll go up to maybe 15 - 20. I have probably

40-50 or more invoices open all the time.

When an office space gets painted, I am purchasing a new computer and a copy of QuickBooks, and then moving the second system to that computer and Quickbooks. I think that will take care of the problem since, if I recall correctly, Quickbooks lets one aggregate payments onto one deposit record.

What I think I might try if Quicken will do it. (I'll have to experiment a little) is put maybe the checkbook stub number in the description and see if I can run a report by that (ie, all deposits on a certain checkstub).

Anyhow, you have been more than generous in your thoughts and I'm thinking that I should just go with what I have now since it'll only be a week or so before I have moved this to QuickBooks.

Thanks a lot Dan. And BTW, when I was look>I guess that we've just got REALLY different situations.

Reply to
jnttsh

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