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S
sapkon
January 10, 2024
Question

If I made a cash withdrawal to pay holiday bonuses and would like to split the transaction to have different employees and vendors tracked, how do i split it?

  • January 10, 2024
  • 2 replies
  • 0 views
I am trying to figure out if I can split the transaction (I don't see anywhere within the transaction to do this, or whether I need to create a journal entry that splits it.

2 replies

J
JuliaMikkaelaQ
January 10, 2024

Hi there, Sapkon. I'm here to help you split the transaction in QuickBooks Online.

 

Since you want a split transaction to track different employees and vendors, you can create a journal entry to do so. Before proceeding with this process, it's essential to have a basic understanding of accounting principles such as debit and credit. You can also reach an accountant to help record this transaction for you. Otherwise, here are the steps to create an entry in QBO:

 

  1. Click +New, then select Journal Entry.
  2. Select an account from the Account field in the first line item, then enter the amount in the Debit or Credit column.
  3. Choose another account in the next line item, then enter the amount opposite to the first line item.
  4. Follow the same steps and enter the necessary fields, then ensure the amounts on both the Debit and Credit columns are the same. 
  5. Select Save and Close.

 

Additionally, you can review the account register and find the transactions you made in QuickBooks Online. You can also sort and edit them to make changes to your transactions.

 

The Community is always here to assist if you have other concerns besides creating journal entries to split transactions in QuickBooks Online. Have a great day ahead!

Rainflurry
Rainflurry
January 10, 2024

@sapkon 

 

Do you use QB payroll or a 3rd party payroll service?  What do vendors have to do with holiday bonuses?  Are these contractors?  

S
sapkonAuthor
January 10, 2024

Yes, I mean Contractors not Vendors. We use Justworks as an EPO but I want to break the transaction up into each emplyee and each contractor to track it.

R
RCV
January 10, 2024

Thanks for coming back, sapkon.

 

Aside from entering them as a journal entry to break the transaction up into each employee and contractor, we can enter the transaction into the register (only one account can be associated with it). If you need to list multiple accounts in a transaction, follow the steps below: 

 

 

  1. Go to Transactions, then select Chart of accounts (Take me there).
  2. Find the account for the transaction.
  3. Under the Action column, click View register.
  4. Choose the transaction, then tap Edit. The entry screen for that particular transaction opens.
  5. Enter the other accounts to add to the amount. The amounts for each account should add up to the total amount of the transaction.
  6. Press Save. The transaction now displays Split in the account column.

 

Once everything is in place, you can now review the topics from this link for more tips and resources while working with QuickBooks in the future: Help articles, video tutorials, and more.

 

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

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