Question

Can you split a deposit transaction into both income (positive) and expense (negative) categories?

Forum|Forum|5 years ago
January 2, 2021
1 reply
11 views

I receive deposits regularly from an entity that pays me for sales made on that platform. Before sending the deposit, they subtract expenses for fees and shipping. I want to be able to track those expenses. The transaction downloaded from my bank only shows the final deposit amount so I would need to add splits that are both positive and negative for those categories (Income, Shipping, Fees). And advice or help is welcome!

QuickBooks Self-Employed

R

RCV

QuickBooks Team

Thanks for checking in with us, tammytoosvintage.

We can split a deposit in QuickBooks Self Employed (QBSE) by using the Split tab on the Transactions page. You can split transactions between business and personal, as an amount or percentage. Also, split it as business transactions between multiple Schedule C expense categories. Though we can enter a negative value of the amount, I'd recommend reaching out to your accountant for the best accounting advice and to review the transactions in your books. Here's how:

Go to the Transactions tab in the left-hand menu.
Locate the deposit transaction.
Tick the Split tab under the Type column.
You can split by Amount or Percentage by clicking on the drop-down menu under Type. You can also add a line and choose multiple categories from one transaction.
Then, enter the negative amount for the expense category.
Press Save.

For more details about this one, see Split transactions in QuickBooks Self-Employed article. Feel free to visit our QBSE Help Article page for more insights about running your business on your account.

I'd like to know how you get on after trying the steps, as I want to ensure this is resolved for you. Please reply to this post and I'll get back to you. Have a great weekend.

T

tammytoosvintageAuthor

When I try to enter a negative amount as a split by using a - it doesn't accept it and just changes the numbers to a positive amount. :( I really need this function to account for my expenses correctly for each transaction. Will I have to upgrade versions to be able to do this? I hope not because I don't need any other features of the more expensive versions.

LieraMarie_A

Level 8

Not worry, @tammytoosvintage. I'm here to ensure you can categorize your transactions correctly.

In QuickBooks Self Employed, we can split a single transaction into multiple categories. It also allows us to enter a negative amount. We can perform some troubleshooting steps to fix this error. For most general issues in QuickBooks , clearing the browser's cache can do the trick. Browser caches help speed up basic browsing that allows you to save more time when loading repetitive images or information. However, it can impact processes and cause this unexpected behavior when your browser accumulates too much historical data. Not to worry, you can clear them in just a few easy steps.

In the meantime, we can start by accessing your account through an incognito window to rule out the possibility of a webpage issue. You can refer to these shortcut keys to open an incognito window in all supported browsers:

Chrome: Ctrl+Shift+N
Firefox: Ctrl+Shift+P
Safari: Command+Shift+N

If it's responsive, I recommend that you clear it's cache. By clearing the browser's cache, you can remove that historical data and access QuickBooks with a clean slate.

For future reference, these write-ups provide an overview of how to classify transactions and how they affect your financial reports:

Visit me here again in the Community and keep me posted on your progress with this banking issue. I'm determined to help you succeed.

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