Split Imported Bank Transactions
Many times, a single bank transaction, such as a credit card charge, has multiple items that need to be allocated to a different account or department. Splitting the banking transaction on the bank import page allows you to allocate the amount, account, and department (if needed).
You can split transactions with either a manual bank import or with the automatic bank import after you have connected your bank accounts in the software.
How to Split Transactions on the Bank Import Screen
First, import your bank transactions by going to:
Accounting > Financial Task > Manage Imported Transactions.
After your transactions have been imported either automatically or with an uploaded spreadsheet, you will see all of the transactions displayed in the current import. Each bank import will have a total amount of the transaction displayed.
To split a bank transaction,
- Click the “Split Transaction” icon in the row of the transaction you need to allocate.
- The section will expand and display entry fields for “Split This Transaction.”
- Select the chart of accounts, department (if applicable), and the amount for the first part of the transaction.
- Continue allocating accounts, departments (if applicable), and the amount for each row of the transaction.
- Click “Add Another Row” if you need to allocate more than two accounts of the transaction.
- Click the “X” at the end of each allocation to remove a row, if needed.
- Once you allocate all of the money for the transaction, click “Apply Changes.”
- You still need to “post” the bank transaction to your software for these entries to be recorded in your accounting software.
Let’s say you have a bank transaction of $900 for Johnson Properties. This expense went towards rent, insurance, and utilities. Click the “Split Transaction” icon to begin allocating the money to the proper accounts.
First, select the “Rent” expense account and indicate that the portion of the transaction for Rent was $800.
This leaves you with a remaining $100 in uncategorized money. On the second row, indicate $80 is for Utilities.
Now, you have $20 remaining in uncategorized money. After clicking “Add Another Row,” indicate the remaining $20 is allocated to your Insurance account.
Once all of the money for the transaction has been allocated, click “Apply Changes” to save the split transaction for Johnson Properties.
After all of your bank transactions are categorized, you will “post” transactions normally.
Be sure to check out our help article, Setting up Imported Transaction Rules, to further simplify managing imported transactions.