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U
UK_DJ
January 17, 2022
Question

Can I match an expense payment to a credit card transaction where some is paid by the business and some is personal and so the balance is split?

  • January 17, 2022
  • 1 reply
  • 0 views
I rent a storage unit for my business and I fill about 2/3 of it. The other 1/3 is full of personal items and we pay toward the rental from our household joint account, which reduces the expense on a small business. However, the payment to the rental company is made in one transaction by credit card each month. Let's say the unit costs £300 and the business pays £200. I enter £200 as an expense in my books, but I can't work out how to match the credit card transaction for £300 to the expense of £200 (obviously because of the £100 difference).

1 reply

MJoy_D
MJoy_D
January 17, 2022

I can share some information about matching your bank transaction, @UK_DJ.

 

You can either exclude the bank transaction since the expense has already been recorded. Alternatively, you can use the Resolve Difference button.

 

You can either exclude the bank transaction since the amounts didn't match and the expense is already recorded. Or use the Resolve Difference button.

 

Here's how to exclude the bank transaction:

 

  1. Go to the Banking menu and proceed to the Banking tab.
  2. Click the For Review tab.
  3. Select the checkbox of the transactions to exclude.
  4. Select Exclude.

 

The transaction moves to the Excluded tab of the Banking page.

 

If you're trying to exclude this transaction from the mobile app, refer to this article for detailed guidance: Exclude a bank transaction you downloaded into QuickBooks Online. That will also provide you with more information on the difference between deleting and excluding a transaction.

 

Here's how to use the Resolve Difference button:

 

  1. Go back to the For Review tab.
  2. Select the bank transaction and click Find Match.
  3. In the Match transactions page, select the transaction to match. 
  4. Once you select the transaction, scroll to the bottom of the table and click Resolve difference on the right.
  5. Enter the information needed for this transaction. A second table appears.
  6. Complete the fields in the table to add the adjustment.
  7. Click Save when you’re through.

 

Check this article for more information about matching your transactions: Categorise and match online bank transactions in QuickBooks Online. This also tells you more about why there are transactions that don’t have a match.

 

Make sure that your accounts in QuickBooks match your bank and credit card statements. Refer to the following article on how to reconcile an account in QuickBooks Online.

 

I'm always here to help you with your bank transactions. Let me know by leaving a reply below. Keep safe and have a great rest of the day!

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