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nlee1079
September 23, 2024
Question

Automate Splitting of a Bank Transaction

  • September 23, 2024
  • 2 replies
  • 0 views

Does anyone have a way to split a bank transaction using an imported csv file or some other method when categorizing imported banking transactions? 

 

Every two weeks, I pay payroll.  My payroll is a large number.  My payroll processor is paid in one lump sum.  Every two weeks, I spend a ton of time splitting that transaction into direct salaries, indirect salaries, taxes, healthcare costs, etc.  I use an csv file that my payroll provider sends me that shows me what goes into the transaction. 

 

2 replies

K
KimberlyS
September 24, 2024

You can create a bank rule to automatically split your imported bank transactions, nlee1079. Let me discuss this matter thoroughly so you can achieve your goal.

 

QuickBooks Online has a bank rule feature to help automate your categorization process. This allows you to split your transactions using a flat amount or by percentage.

 

Here's how:

 

  1. Head to the Gear icon, then pick Rules.
  2. Select New Rules and provide a name in What do you want to call this rule? field.
  3. Choose either Money in or Money out from the Apply this to transactions that are dropdown, then identify the bank or credit card account from the in dropdown.
  4. Set rule conditions under and include the following section, and click + Add a condition if you need to include more.
  5. Specify if the rule applies to Description, Bank text, or Amount in the Condition fields. Then, decide how these rules are applied.
  6. Establish the rule setting by choosing a Transaction type, Category, Tags, and Payee to apply. Under Category, click the +Add a split to divide the amounts appropriately.
  7. Hit Save.

 

For more information, please refer to this material: Set up bank rules to categorize online banking transactions in QuickBooks Online.

 

On the other hand, regularly reconciling your accounts will help you keep them balanced for accurate reporting and tax calculations. You can then close your books to prevent unexpected changes that can mess up your record.

 

You can rely on us to offer better help with splitting transactions into several categories in QuickBooks Online. Please post your inquiries directly on this thread, and we'll equip you with all the necessary data and resources.

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nlee1079Author
September 25, 2024

Thank you for the suggestion.  I will check out this functionality however I it will not work for me.

 

My CSV value has over 5 lines.  In fact I split the single transaction into 15 different lines based on class, location, account and amount.  

 

The amount is different every time.  So I cannot use a standard percentage or a fixed value.   

leolucassss
leolucassss
September 24, 2024

Hello

Using QuickBooks' "Banking Rules" tool to automatically categorize transactions based on your CSV file is one potential option. You can configure rules to automatically divide the lump-sum payment into categories such as direct salary, indirect salaries, taxes, and healthcare costs once you import the file. To expedite this procedure, you can also design a payroll import template just for payroll. To make payroll splits from CSVs easier, you might also look into third-party apps that interact with QuickBooks.

 

Regards

[name removed]

Prestige Pallava Gardens

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