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From time to time, you'll have transaction that falls into more than one category. In that case, you can assign multiple categories to the transaction by recording a split transaction. You may want to use split categories when you shop at a big box store or a warehouse club. In those stores, you may buy multiple types of items like prescriptions, food and electronics in the same purchase. In this scenario, splitting the transactions categories gives you a more accurate view of your spending. Let's walk through the process for recording a split transaction.
I'll show you how to do this on this purchase that Jeannie made from Costco. She spent $75 on business expenses at Costco and $175 on groceries. So I'll take this $250 payment and click the Split in the category list. I'll type Groceries on the first line. And I'll change the amount to $175 because that's all she spent on groceries at Costco. I'll click Enter on my keyboard, and you'll notice a very handy thing. Quicken displays the difference between the total and the items already entered on the line below. For the second line, I'll enter Business Expenses.
Since she bought office supplies for her business expenses, I'll select Office. You'll notice that together, these two categories add up to the split total, $250. You can add up to 250 split items per transaction, but obviously, it's more efficient to use as few categories as possible. As you enter the split transaction, it's possible that the transaction total may no longer match the split total. Quicken displays the difference between the two amounts, the left over amount, and there is several options that Quicken gives you to handle this difference.
You can always change the amounts in the split lines, so the split total is equal to the transaction total. You could click Adjust, this Adjust button here, to change the transaction total to equal the split total. You could click the Edit button and choose Apply Remainder to the current line to absorb any remainder amount into the selected split line. You could also choose Allocate this line to other split lines to distribute the amount of the selected split among all other split lines. Click OK when you're done to close the split transaction dialogue.
And you'll see now that the category assign to this transaction is split. If I hover over that cell with my mouse, a pop-up will appear showing the itemized categories. Here's a tip that could make split transactions much simpler. Instead of assigning exact dollar amounts, you can assign percentages to the line items in a split transition. For example, if you spend a $100 at a warehouse club and you want to split that amount evenly between two categories, you can enter 50% as the amount for each category. I'll show you how on this purchase.
I'm going to generalize here and say that Jeannie spent about 60% on groceries and 40% on office supplies. If I don't have my receipt handy, or if I don't need the exact amount for tax or reimbursement purposes, this estimation will suffice. If you're tracking your expenses at a very detailed level, or if you need to itemize purchases for tax purposes, split transactions can be a great way to make sure you're being accurate. If you're using split transactions for budgeting purposes, consider using general percentage amounts for splits to simplify the process.
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