Skip to main content
T
tomsergiew-gmail
December 5, 2023
Question

No longer able to split one transaction as part business and part personal?

  • December 5, 2023
  • 1 reply
  • 0 views

Quickbooks is not allowing me to input one transaction as half business and half personal, the full amount appears on my transaction list however, only part of this payment is for business.

When i go to split, i only get options to be able to categorise into different business categories for the split - it does not allow me to exclude part of the amount totally from my records as it's personal.

How do I solve this? 

Thank you.

 

    1 reply

    J
    Jelayca V
    December 5, 2023

    Hello there, @tom11_2. I am here to assist you with the issue you are currently experiencing with split transaction. Rest assured that to provide you with the necessary information and solutions to resolve the problem. 

    I understand that you're facing an issue with splitting a transaction between business and personal expenses in QuickBooks Self-Employed (QBSE). The good news is that you can indeed split transactions in QuickBooks Self-Employed. You can:

     

    • Split transactions when categorizing them.
    • Split transactions between business and personal as an amount or percentage
    • Split business transactions between multiple Schedule C expense categories

     

    Regarding your concern, when you use the split transaction feature and enter the full amount in the business field section, the system will automatically allocate half of the amount to the personal field. This means that you don't need to enter the amount for the business and personal transactions manually. This is how the split transaction feature works.

     

    Moreover, you can refer to this article for more detail and information about how to split a single transaction between business and personal, or into multiple categories QBSE: Split transactions in QuickBooks Self-Employed

     

    Furthermore, we have some helpful articles that might be useful to you in the future: Categorize transactions in QuickBooks Self-Employed

     

    Please feel free to reach out to me if you have any further queries about split transactions in QBSE. I'm always here to help you out. Have a good one.

    T
    tomsergiew-gmailAuthor
    December 5, 2023

    Hiya,

    Thank you for the speedy response!

     

    It is Quickbooks online that I am experiencing this problem with. I am thinking you can do the below in Quickbooks Self Employed but not Quickbooks Online? 

     

    I have tried to manually add the transaction under expenses for the business amount only as I cannot seem to find any way in Quickbooks Online to split a bank transaction into business and personal. It seems I can only split a transaction into business and then choose different categories within that rather than exclude a personal section/amount within that one transaction. 

     

    Thank you, if you know if there is a way to split between personal and business in Quickbooks online it would be greatly appreciated. I have tried this manual workaround for now.

    Clark_B
    Clark_B
    December 5, 2023

    Hi there, @tom11_2.

     

    I'd be glad to guide you to split the personal and business transactions in QuickBooks Online (QBO)

     

    To begin, you have to create an account in the Chart of Accounts to track personal transactions and use it as another category when splitting bank transactions.

     

    Here's how: 

    1. Go to Settings and select Chart of Accounts.
    2. Select New in the top right corner.
    3. Select Banks.
    4. Fill in the "Save account under" and the "Tax form section".
    5. Select the Account name, and type Personal or any name that will determine that this is your account.
    6. You have the option of including information in the Description field and an amount in the Balance field.
    7. Click Save and Close.

     

    After creating a personal account, you can now split the transactions between business and personal.

     

    Here's how:

     

    1. Go to Bank transactions.
    2. Find the transactions that you want to split.
    3. Double press/click the transaction, and select Split.
    4. Select the drop-down button under the Category.
    5. Type Personal, or the name that determines that it is your account. 
    6. Fill in the information and the amount.
    7. Select Apply and accept.

     

    Please note, that you have to create two or more categories to split the transactions.

     

    In addition, I also suggest contacting your accountant for more accurate information.

     

    For your reference, I will add this article to guide you in reviewing your accounts in QuickBooks to make sure they match your bank and credit card statements: Reconcile an account in QuickBooks Online.

     

    Please feel free to leave a comment below if you have further concerns about splitting personal and bank or any other QBO-related issues. We are always here to assist you.

    Terms & ConditionsAccessibility statement