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vacations365-aol
February 11, 2022
Question

How can I take a NEGATIVE bank transaction that was automatically downloaded and split that transaction into multiple categories?I am using QuickBooks Online Simple Start

  • February 11, 2022
  • 1 reply
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Splitting the transaction works great for a POSITIVE (i.e. Credit) transaction but if it is a NEGATIVE (i.e. Debit) transaction it does not allow me to enter just negative amount when I go to split it, so you have to enter a Credit/Positive amount in the split window which changes that transaction into a credit transaction. I need to split these so that I can track the P

1 reply

JenoP
JenoP
February 11, 2022

I'll help with your online banking question, vacations365-aol.

 

You don't need to enter a negative amount when using the Split feature for expense or debit type of transactions. This is because the downloaded transaction is already in a negative format. Adding a negative sign will only add up and change the original amount. 

 

 

Once added to your register, it will be recorded as an expense transaction. 

 

 

Please see this article for more details: Categorize and Match Online Bank Transactions in QuickBooks Online.

 

I'd also like to share these articles as well for additional references when working with your banking transactions:

 

 

Feel free to reply to me or post more questions if you need anything else. We're always to help you all the time.

V
vacations365-aolAuthor
February 11, 2022

Hello Jeno.  I understand and know that.  But that is not my question.  Here is what I am trying to accomplish.  I am using Quickbooks Online Simple Start to track the income and expenses of short-term rental condos.  So for example if I paid someone via a single check to paint 3 of those condos, I see a single Withdrawal/Debit negative transaction downloaded from my bank.  I need to take this single Withdrawal/Debit and split it so that I can track how much of that withdrawal/debit was for each condo.  I have defined each condo as a separate expense category.  This allows me to run a P&L report for each place as well as allows me to report taxes (income and expense) for each condo appropriately.  I can do this fine for a Deposit/Credit transaction, but not for a Withdrawal/Debit transaction.  hope it makes sense what I am trying to do with that negative transaction.  

LieraMarie_A
LieraMarie_A
February 11, 2022

Hi there, @vacations365-aol. Allow me to chime in and add some information.

 

You can also do split a withdrawal or expense transaction into multiple categories. You only have to select the accounts and enter the amounts.

 

Here's how:

  1. Go to the Banking menu.
  2. Select your bank account.
  3. Select the payment from the list.
  4. Click the Categorize radio button. 
  5. Select the Split button beside Add.
  6. Select the name of the vendor in the Payee drop-down. 
  7. Select each expense category.
  8. Enter the amounts for each one. 
  9. Select Apply and accept.

 

For more insights about this process, please refer to this article: Add and Match Downloaded Banking Transactions.

 

Furthermore, you can reconcile your account to make sure your books are accurate. Just go to the Accounting menu from the left pane and select Reconcile.

 

Drop me a comment below if you have any other questions about categorizing transactions. I'll be happy to help you further. Have a great day.

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