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October 14, 2024
Question

75% of a transaction as an expense

  • October 14, 2024
  • 1 reply
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I’m looking for an option in quick books to put 75% of an expense through as a tax deductible expense. I’ll be doing this with a lot of transactions over the coming months so is there a simple way to do this?

1 reply

October 14, 2024

We can create bank rules to automatically split your transactions and make the 75% expense tax-deductible. Consider me your partner in this, Connor. 

This feature is highly beneficial as it automates transaction categorisation, ensures consistent financial recording and offers customizable settings for your business needs. 
 

Before we start, it is advisable to seek advice from your accountant to select the appropriate account. Here's how you can set this up.
 

  1. Head to the Gear icon and press the Create Rules option.
  2. Create Rule. Choose an Account.
  3. Click the Type dropdown, then pick Split.
  4. Complete the necessary details. 
     

Please see the attached sample screenshot for visual reference.

 

Moreover, I'm adding these articles as guidance on how to manage your transactions in QuickBooks Self-Employed:

 

Wishing you a seamless process as you go through the steps above. Lean on me for any support you need, Conor. All the very best!