Processing split payments to different customers
When tagging your bank ransactions, occasionally you may encounter lump payments that need to be attributed to multiple clients. This is often the case when you bank multiple cheques on one paying-in slip. There are two methods you can use for tagging these transactions.
In this case you would delete the original lump deposit on the account and substitute it for the split payments. You can then tag these split payments separately. The end of day balance totals are unaffected so from an accounting point of view this is fine, and also the quickest method.
The other option is to create a new bank account called 'combined cheques' or 'cheque holding account'. Tag the cheque payment on your current account as a transfer from this new account. Then enter two split payments in the holding account to balance this off and then tag separately. This option is preferably if you regularly process multiple cheques together and you wish to preserve information on the current account of the lump sum totals.
