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Split Transactions in QuickBooks Self-Employed

When you have multiple online transactions to handle, you always look forward to having something that would allow you to […]

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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.

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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

How to Split a Bank Transaction (Expense) to Multiple Locations?

To split a bank transaction (expense) to multiple locations you to follow the following steps that are mentioned below:

  • Select Chart of Accounts by going to Accounting.
  • For the transaction find the account.
  • Click View registration under the Action column.
  • After selecting the transaction, choose Edit. The transaction entry screen for that particular transaction appears.
  • Add the other accounts to the amount to be added. Note: The amounts for each account should add up to equal the transaction’s total amount.
  • Choose Save. Split is now displayed in the transaction’s account column.

Split Transactions in QuickBooks Self-Employed

Know how to split a single transaction between personal and business or into multiple categories.

You can split transactions in QuickBooks Self-Employed while categorizing them. Transactions can be split between business and personal transactions by amount or percentage. Additionally, you can also split business transactions between multiple Schedule C expense categories.

Split a Transactions

Sign in to QuickBooks Self-Employed on a web browser if you need to split a transaction by a percentage. Only the mobile app allows you to split transactions according to quantity.

On a Web Browser

  • Head over to the Transactions menu.
  • To split a transaction, find it.
  • From the Type column select split.

This opens the split transaction window:

  • From the Dropdown menu labeled Split by, choose Percentage or Amount.
  • Choose either Business or Personal from the Type dropdown for each split.
  • If you choose Business, click the Category link in the column and choose the category you want the split to be placed under.
  • For each split enter the amount or percentage.
  • Select Add line to add additional splits.
  • After that select the Exclude checkbox, in case you need to exclude a split.
  • After finishing you have to select save.

On an iPhone or iPad (iOS) or Android Phone or Tablet

  • Head over to the Transactions menu. Select the menu icon on Android, then tap Transactions.
  • The transaction you want to split can be found and select.
  • Choose Edit.
  • Choose the Split option.
  • Choose either a personal or a business category for each split in the Category column.
  • Enter the split amounts in the Amount column.
  • Select Add line to add additional splits.
  • After finishing you have to click on Save.

Unsplit a Transaction

On a Web Browser

  • Firstly you have to go to the Transactions menu.
  • Locate the transaction that needs to be changed.
  • Choose the Split button. Any of the splits allow you to choose it.

This will Open the Split Transaction Window:

  • Choose the Trash icon for all but on the split. Like any other transaction, you now have to categorize the single split.
  • Choose Personal or Business from the Type drop-down menu.
  • To categorize the transaction, pick Business and then click the link in the Category column.
  • When finished, choose Save.

You currently have a single, categorized transaction.

On an iPhone or iPad (iOS) or Android Phone or Tablet

  • Head over to the Transactions menu. Select the menu icon on Android, then tap Transactions.
  • The transaction you want to split can be found and selected.
  • Click on the Edit.
  • A business or personal option should be chosen. This cancels the split.

With the help of this article, your all doubts related to split bank transactions will be solved. All the important points are mentioned above in this article but in case you face any issue related to this you can directly connect with Dancing Numbers experts via LIVE CHAT. Experts at the help desk are available round the clock for their users to help you out in a few minutes hassle-free.

Note: Select the Always split checkbox to create a rule that will split this type of transaction consistently.

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Frequently Asked Questions (Faqs)

How do You Split a Transaction Amount?

• First, you have to select the Split Transaction by right-clicking the Quick Menu option.
• The Split Amount screen will appear on your screen.
• Depending on whether you want to divide the posting by a fixed amount, percentage, or quantity, choose either the Amount, Percentage, or Quantity option.

How to Split Payments Online?

• You have to go to the Retail screen and then look up the purchasing client
• Choose the items, then include them on the ticket.
• Then select the first payment method such as Account.
• Choose the second payment method such as Credit Card).
• In both fields, adjust the pricing.
• Complete the sale

Is it Better to Split Payments?

Budgeting for larger payments is made simpler by using multiple credit card payments. Your balance won’t be significantly affected if you simply split your minimum payment in half and make two payments per month. However, your debt will be paid off considerably faster if you pay the minimum amount due twice a month.

Does QuickBooks allow splitting an invoice?

QuickBooks 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.

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 QuickBooks means having more than one account for a transaction being affected together on either the debit or credit side.

Features of Dancing Numbers for QuickBooks Desktop

Imports

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Exports

Exports

Deletes

Deletes

Customization

Customization

Supported Entities/Lists

Dancing Numbers supports all QuickBooks entities that are mentioned below:-

Customer Transactions

Invoice
Receive Payment
Estimate
Credit Memo/Return Receipt
Sales Receipt
Sales Order
Statement Charge

Vendor Transactions

Bill
Bill Payment
Purchase Order
Item Receipt
Vendor Credit

Banking Transactions

Check
Journal Entry
Deposit
Transfer Funds
Bank Statement
Credit Card Statement
Credit Card Charge
Credit Card Credit

Employee Transaction / List

Time Tracking
Employee Payroll
Wage Items

Others

Inventory Adjustment
Inventory Transfer
Vehicle Mileage

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Frequently Asked Questions

 
How and What all can I Export in Dancing Numbers?

You need to click "Start" to Export data From QuickBooks Desktop using Dancing Numbers, and In the export process, you need to select the type you want to export, like lists, transactions, etc. After that, apply the filters, select the fields, and then do the export.

You can export a Chart of Accounts, Customers, Items, and all the available transactions from QuickBooks Desktop.


How can I Import in Dancing Numbers?

To use the service, you have to open both the software QuickBooks and Dancing Numbers on your system. To import the data, you have to update the Dancing Numbers file and then map the fields and import it.


How can I Delete in Dancing Numbers?

In the Delete process, select the file, lists, or transactions you want to delete, then apply the filters on the file and then click on the Delete option.


How can I import Credit Card charges into QuickBooks Desktop?

First of all, Click the Import (Start) available on the Home Screen. For selecting the file, click on "select your file," Alternatively, you can also click "Browse file" to browse and choose the desired file. You can also click on the "View sample file" to go to the Dancing Numbers sample file. Then, set up the mapping of the file column related to QuickBooks fields. To review your file data on the preview screen, just click on "next," which shows your file data.


Which file types are supported by Dancing Numbers?

XLS, XLXS, etc., are supported file formats by Dancing Numbers.


What is the pricing range of the Dancing Numbers subscription Plan?

Dancing Numbers offers four varieties of plans. The most popular one is the basic plan and the Accountant basic, the Accountant pro, and Accountant Premium.


How can I contact the customer service of Dancing Numbers if any issue arises after purchasing?

We provide you support through different channels (Email/Chat/Phone) for your issues, doubts, and queries. We are always available to resolve your issues related to Sales, Technical Queries/Issues, and ON boarding questions in real-time. You can even get the benefits of anytime availability of Premium support for all your issues.


How can I Import Price Level List into QuickBooks Desktop through Dancing Numbers?

First, click the import button on the Home Screen. Then click "Select your file" from your system. Next, set up the mapping of the file column related to the QuickBooks field. Dancing Numbers template file does this automatically; you just need to download the Dancing Number Template file.

To review your file data on the preview screen, just click on "next," which shows your file data.


What are some of the features of Dancing Numbers to be used for QuickBooks Desktop?

Dancing Numbers is SaaS-based software that is easy to integrate with any QuickBooks account. With the help of this software, you can import, export, as well as erase lists and transactions from the Company files. Also, you can simplify and automate the process using Dancing Numbers which will help in saving time and increasing efficiency and productivity. Just fill in the data in the relevant fields and apply the appropriate features and it’s done.

Furthermore, using Dancing Numbers saves a lot of your time and money which you can otherwise invest in the growth and expansion of your business. It is free from any human errors, works automatically, and has a brilliant user-friendly interface and a lot more.


Why should do you change the Employee status instead of deleting them on QuickBooks?

If you are unable to see the option to terminate an employee on your list of active employees on the company payroll, this mostly implies that they have some history. Thus, if you change the employee status instead of deleting it on QuickBooks, the profile and pay records remain in your accounting database without any data loss in your tax payments.


Is it possible to use the Direct Connect option to sync bank transactions and other such details between Bank of America and QuickBooks?

Yes, absolutely. You can use the Direct Connect Option by enrolling for the Direct Connect service which will allow you access to the small business online banking option at bankofamerica.com. This feature allows you to share bills, payments, information, and much more.


Why should do you change the Employee status instead of deleting them on QuickBooks?

If you are unable to see the option to terminate an employee on your list of active employees on the company payroll, this mostly implies that they have some history. Thus, if you change the employee status instead of deleting it on QuickBooks, the profile and pay records remain in your accounting database without any data loss in your tax payments.


What are the various kinds of accounts you could access in QuickBooks?

QuickBooks allows you to access almost all types of accounts, including but not limited to savings account, checking account, credit card accounts, and money market accounts.

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