How to Operate QuickBooks Part IV

This article contains information on how to perform split transactions with QuickBooks.

Instructions

Difficulty: Moderate

Things You’ll Need:

• Personal Computer
• Internet Connection
• QuickBooks version 2003-2007

1. QuickBooks allows you to post a transaction to more than one account. For example, if you write a check for utilities. There are more than one utility to pay such as water, electricity, etc. When we post more than one transaction to one account we can do what is known as a split transaction.
2. For example, you have a seperate account named Utilities. Let's say you pay the electric company and water company in the same day. Your total Utilities bill right now equals $150.00. Your electric costs $80.00 and your water costs $70.00. You can post these under one account with two transactions to equal the $200.00.
3. Try this: (1)Open the check register. (2)Enter date 01/05/2008, press TAB and enter chk. number 506. (3)Press TAB and type Utilitiy Service Company or just Utilities. (4)Quick add to Vendor List and click OK. (5)TAB over to payment column and enter 200 for total amount. (6)TAB to the account column and click SPLIT button.
4. A screen will appear that has these columns: Account, Amount, Memo, Customer:Job. (7) Click down arrow where the account column is and select Utilities:Electric and press TAB. (8)Change amount from 200 to 80. (9)Tab to second line and click down arrow under account to choose Utilites:Water. (10)Now as you see you do not have to change the amount, it is already calculated. See how nice QuickBooks is!
5. Now press TAB to accept and Record.
6. You have now completed your first split transaction in QuickBooks. Remember, all other split transactions are done this way as well.

Tips & Warnings

• When doing Split Txn. do not click on close, clear, or recalc unless absolutely necessary.
• Close will close out split txn. and work will be gone!
• Clear will erase all work already done!!
• Recalc will recalculate everything!