Once on the rule screen, enter the appropriate parameters, including the split details. With the right parameters, QuickBooks will recognize the transaction and prep it to be split in advance so all that is required in the future is a quick review and add.įirst, click on the transaction within the Banking feed and select “Create rule from this transaction” at the bottom of the transaction detail (circled below).
#HOW TO RECORD EXPENSES IN QUICKBOOKS DESKTOP FULL#
Once complete, verify that the split and original amounts equal, resulting in a zero difference to ensure the full amount is accounted for.įinally, once everything looks accurate, click the green “Save and Add” button on the bottom right corner to record the split transaction.įor recurring shared transactions such as a cell phone bill, creating a rule for the transaction in QuickBooks will save you the hassle of having to go through that split transaction process every time. Any personal expense amount can be set to member or owner draw as needed. Then, on the Split Transaction screen, designate each amount to the appropriate category. Trust us, your bookkeeping, reports, and taxes will be exponentially easier if you take care never to make this mistake.)įirst, click on the transaction within the Banking feed in QuickBooks, and select the “Split” option circled below. (The obligatory FABC disclaimer: While we understand mix-ups happen, do your best to never put 100% personal expenses on a business account, or 100% business expenses on a personal account. And it can be easily recorded as both within QuickBooks Online using the split transaction feature.
She’s stuck-is the single expense business or personal?
Everything is going great until she gets the first combined phone bill for both her personal and business lines.
Karen likes her cell phone provider, so she talks to the manager (naturally) at her local store about adding a business line to her plan for her new RIA. Shared transactions are single expenses that are not entirely business expenses, but not entirely personal either.Ĭlear as mud, right? Let’s consider an example. If it's not immediately obvious, we're talking about shared transactions. Even during these unique times of social distancing, sharing can still be caring, at least for some transactions within your books.
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