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What does Split mean in QuickBooks

What does Split mean in QuickBooks

by Dharmendra124
What does Split mean in QuickBooks

We refer to a transaction as being split when it has multiple GL accounts associated with it. You can enter, modify, and remove split transactions using QuickBooks. We will clarify what split in QuickBooks means and show you how to split expenses in QuickBooks Online and Desktop. In addition, we’ll show you how to view the split details in QuickBooks and split lines to the accounts receivable. Here you will read about what does split mean in QuickBooks and if you want to read more about QuickBooks topics like how to fix error h303 and nothing imported after importing a QBo file then click on these links.

The term “Split” in QuickBooks describes a number of General Ledger accounts connected to transactions. On the other hand, a split transaction is a transaction that involves both your current remote account and one additional remote account. For instance, if you use the Rent Expense account to pay with a check and the transaction involves taxes, you will see that the transaction is split in your bank account. Split deposits and split payments are options for users. The split transactions can also be entered, amended, and removed in QuickBooks.

How to Enter Split Transactions in QuickBooks Online?

As previously mentioned, QuickBooks enables you to enter split transactions. Even though the split is only for the customers, you can still divide the contractor’s payment among the various projects they are working on. Here, we’ll demonstrate how to account for history and divide expenses across multiple projects in QuickBooks Online.

Split Transaction in QuickBooks (To Multiple Projects)

With a dedicated option, you can allocate the cost or payment to various projects. Let us demonstrate how to enter split expenses across multiple projects in QuickBooks Online:

  • Select “Banking” from the tabs.
  • Next, choose the appropriate bank account from this list.
  • Go to the “For Review” menu at this point.
  • The transaction is located here; click on it to expand its view.
  • After that, select “Split” from the menu that appears next to “Add.”
  • Select the appropriate vendor by selecting it from the “Payee” drop-down menu.
  • Add the necessary information.
  • Then, select the projects into which you want to divide your transactions using the “Customer” drop-down.
  • Select the “Billable” checkbox at this point, if necessary.
  • Select “Save and Add” from the menu.

Split Transaction in QuickBooks 

When entering the transaction into the account history, a single account can only be linked to it. However, you have the option to list multiple accounts. The steps for recording multiple accounts in a single transaction are as follows:

  • Choose “Accounting” from the menu.
  • Then select “Chart of Accounts” from the menu.
  • The account for your transaction is located here.
  • From the “Action” section, select “Account history.”
  • You can now select the transaction and click “Edit.” The entry screen for that particular transaction will then be displayed.
  • You can now combine the amount with other accounts. Make sure that the sum of the amounts in each account equals the total of your transactions.
  • Click the “Save” button when finished.

As you follow these steps, your transaction will show as Split in the Account column. In case you did not add the transaction yet, it is better to open your Bill, Invoice, etc., in order to connect multiple accounts in QuickBooks.

How to Show Split Detail in QuickBooks Online

You must run the report to see the split detail in your QuickBooks account. You can display split transactions with the help of the Transaction List with Splits report. Here, we’ll demonstrate how to use QuickBooks Online to run this report:

  • Choose “Reports” from the menu.
  • Then use the search bar to look up “Transaction List with Splits report.”
  • You can then change the “Report Period” after that.
  • Select “Run report” from the menu now.

To view the split transactions in QuickBooks Online, follow these steps. Run the Transaction List with Splits report. In addition, you can include the splits in the Transaction Detail by Account report.

How to Split Transaction in QuickBooks Desktop

You can divide the transactions in advance in QuickBooks when categorizing them. If you are using QuickBooks Self-Employed, you can divide the transaction into personal and business portions, either numerically or by percentage. Additionally, you can divide up the business transactions into Schedule C and expense categories.

By logging into your QuickBooks account through an internet browser, you can divide the transaction by the percentage. On the other hand, you can only use the QuickBooks phone app if you want to divide the transactions by amount.

Read Also: QuickBooks Enterprise Support

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