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March 29, 2022
Question

How do I separate the income between enterprises or income streams?

  • March 29, 2022
  • 1 reply
  • 0 views

Hi

 

So client is mainly working under garden services but also has a small holding selling cattle, land clearance etc. Is there a way to separate the income so you can see how well one is doing compared to the other. 

Accountant advised self employed version but i'm used to the online where I can create heading codes. 

I've created tags but can only seem to see those on the expenses side of creating transactions.

Client hasn't set it all up yet which is why the bank isn't linked yet and am just poking about trying to get familiar with this basic version of QuickBooks

 

1 reply

March 29, 2022

Hello there, @sammykl_1406. Welcome to QuickBooks Community! I'm happy to address your concern with your transactions in QuickBooks Self-Employed.

If you’re using the QuickBooks Online, you can separate your transaction by items.

 

Here's how:

 

  1. Go to the Sales menu,
  2. Under Products and Services, click on New.
  3. Select Non-Stock.
  4. Fill out all necessary information.
  5. Under the Income account drop-down. Then, click Save and close.

After that, create a separate service item and then associate it with another income account:

 

  1. Go to the Sales menu,
  2. Under Products and Services, click on New.
  3. Select Service.
  4. Fill out all necessary information.
  5. Under the Income account drop-down, select an income account. Then, click Save and close.


If you’re using QuickBooks Self-Employed, you’ll want to split your transactions and categorized them.

 

To split your transactions, here’s how:

 

  1. Go to the Transactions menu.
  2. Find the transaction you want to split.
  3. Select Split from the Type column.

Please see this sample screenshot for reference:

 

From there, it opens the split transaction window. Check this article for the detailed steps with splitting transactions.

If you're unsure of the categories to use, I suggest consulting an accountant. They can advise you with the steps to take, and also keep your books accurate.

 

You can also check these articles for future references:

 

Get back to me here if you have further questions about managing your transactions. I'd be more than happy to answer it for you. Have a nice day.