Split banking income help needed

AJM0517 · ‎May 07, 2018

Hi,

We are a small charity - with approximately 100 small donations coming into a bank account every month. At the moment, we pull the transactions in from the bank and then code them. They are allocated to one GL code but we have to put 88% of the income to one class and 12% to another class.

As far as I can tell at the moment, I have to do that manually. Does anyone have any suggestions as to how to make this more automated?

I did think that I should just allocate them all to one class each month and then at the end of the month do a journal for the 12% but I wondered if there was another way.

Thanks

Amanda

Anonymous · ‎May 08, 2018

Hi AJM0517,

I can certainly offer guidance here.

One thing you may want to take a look is Bank Rules. These operate similar to rules on email accounts whereby you can set it so that QuickBooks Online categorises a transaction based on a series of conditions that you specify.

Within the rule set up, you do have the option to split a transaction by a percentage, have it deposited to or expensed out of a particular account and assign a class to it. They also give you the option to automatically add these transaction in to your books based on the conditions you have assigned on the rule.

For more information have a look at our Community article Banking Rules.

Let me know if you need anything further

View solution in original post

Anonymous · ‎May 08, 2018

Hi AJM0517,

I can certainly offer guidance here.

One thing you may want to take a look is Bank Rules. These operate similar to rules on email accounts whereby you can set it so that QuickBooks Online categorises a transaction based on a series of conditions that you specify.

Within the rule set up, you do have the option to split a transaction by a percentage, have it deposited to or expensed out of a particular account and assign a class to it. They also give you the option to automatically add these transaction in to your books based on the conditions you have assigned on the rule.

For more information have a look at our Community article Banking Rules.

Let me know if you need anything further

AJM0517 · ‎May 08, 2018

Perfect - thank you. This has saved me hours!

Anonymous · ‎May 08, 2018

You're welcome :)

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Split banking income help needed