When you have multiple online transactions to handle, you always look forward to having something that would allow you to manage all of them together at a time. In fact, when navigating from one transaction to another is smooth, things become even more convenient.
QuickBooks Split Transaction
Before we understand what a split transaction is, it is important to know the provisions that QuickBooks offer to have two Payees assigned at the same time.
Well, QuickBooks doesn’t allow you to have two Payees at a time. But users can form batch deposits to enjoy the benefit. Once the batch transaction or multiple records are facilitated, you can split transactions conveniently.
Why Splitting Transaction in QuickBooks?
Splitting Transactions based on a criterion and involving similar calculations make the accounting processes easier to be handled.
Steps to Splitting Transactions in QuickBooks
Step 1: Creating a Batch Deposit
- Make sure both Invoices and Payments are created
- You need to have each for every Payee be involved in the exchange
- Click on the Plus icon
- Choose Bank Deposit
- Tick tall the checkboxes for Payments from the list that appears
- Click on Save and Close
Step 2: Record Multiple Accounts in one Transaction
- Choose Accounting
- Select Chart of Accounts
- Go to the account to be used for the transaction
- Find the Action column
- Choose Account History
- Choose the transaction
- Choose Edit
- The entry screen will open for that particular transaction that you have chosen
- Choose other accounts you want to add
- Click Save
- You get the Split option in the Account column
Step 3: Splitting Bank Transaction
- Open QuickBooks Online
- Go to the Banking tab
- Navigate to the section For Review
- Click the transaction for which you Payees to be assigned
- Choose Split
- For every portion of the split, type in a Category, Amount, and a Payee
- Click Save and Add
Now you can split the transaction.
Does QuickBooks allow Entering two Payees at a Time?
No, QuickBooks doesn’t allow you to have two Payees at a time.
What to Ensure to get the Split option in QuickBooks?
To already have a group transaction or multiple records of transactions created.
What does Split in QuickBooks mean?
Split in QB means having more than one account for a transaction being affected together on either the debit or credit side.
Does QB allow splitting an invoice?
QB Online allows you to split the downloaded transaction into multiple categories. Based on the data provided, the two invoices are checks for two jobs to prevent duplicate transactions.