How to record multiple checks in one bank deposit

JanfromEarthJanfromEarth Member Posts: 2

I take in multiple checks during the day and make one deposit to the bank. Do I simply post the checks to an undeposited cash (type) account and then do a transfer to record the single deposit or is there a better way? Thanks

Comments

  • HydraFloHydraFlo Member Posts: 9

    I'm a complete newbie here, but when I deposited multiple cheques at once last year, I waited for the transaction to show up from my bank import, then split the transaction in three, then categorized each one as being payment for a particular Wave invoice. My accountant seemed to have no issues with it.

  • JanfromEarthJanfromEarth Member Posts: 2

    That works. The way I suggested is how Quickbooks does it. It allows you to post checks or cash payments all during the day and then prepare a deposit at night (Or end of week or whenever). Then you have one number posted to your checking account and can easily match it to the single deposit amount. Wave/QB keeps track of your transactions until you are ready to make a deposit. You are the first answer but I think this is the way to do it. Thanks

  • JordanDJordanD Administrator, Moderator Posts: 501 admin

    Hey @JanfromEarth and welcome to the Wave Community! Just wanted to jump in here and confirm that @HydraFlo 's explanation is the correct method to do this! Thanks for jumping in @HydraFlo !

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