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phaedrus
Level 2

Bank rules for revenue sharing / to split funds

Hi,

 

Is it possible to split funds with a bank rule to set up a revenue sharing logic? For example, can I assign 20% of an incoming transaction to one AP account and 80% to a different AP account?

 

Thanks!

Solved
Best answer September 23, 2022

Best Answers
Giovann_G
Moderator

Bank rules for revenue sharing / to split funds

Thanks for reaching out to us, phaedrus.

 

Yes, you can set up bank rules to split revenue between two Accounts Payable (AP) or Accounts Receivable (AR). However, it is recommended to keep only one AP or AR account because bills and invoices are automatically posted to the default accounts.

 

Here's how:

 

  1. Go to the Banking menu, then the Rules tab.
  2. Click the New Rule button.
  3. Enter a name in the What do you want to call this rule? field.
  4. From the Apply this to transactions that are ▼ dropdown, select Money in or Money out.
  5. From the In ▼ dropdown, select the bank or credit card account.
  6. Set the rule conditions. You can set a single rule with up to 5 conditions. Set and include the following, then select + Add a condition.
  7. In the Conditions fields, specify whether the rule applies to DescriptionBank text, or Amount. Then select ContainsDoesn't contain or Is exactly to decide how QuickBooks applies the rules.
  8. Select the settings for the rule. Select the Transaction type.
  9. Hit the Add a split, then select either split by Percentage or Amount.
  10. Choose a Payee or Customer to apply the rule.
  11. Once done, hit Save.

 

You can also consider creating parent and sub-customers to group or divide your open receivables and using location tracking for payables. Refer to this article for more details: How to group Accounts Receivable or Accounts Payable account types.

 

When everything is in order, you can read this for future reference: Reconcile an account in QuickBooks Online. This contains instructions for ensuring that your bank and credit card statement balances always match your QuickBooks balance.

 

We'll always be available to help if you run into any other QuickBooks questions. Have a wonderful day!

View solution in original post

1 Comment 1
Giovann_G
Moderator

Bank rules for revenue sharing / to split funds

Thanks for reaching out to us, phaedrus.

 

Yes, you can set up bank rules to split revenue between two Accounts Payable (AP) or Accounts Receivable (AR). However, it is recommended to keep only one AP or AR account because bills and invoices are automatically posted to the default accounts.

 

Here's how:

 

  1. Go to the Banking menu, then the Rules tab.
  2. Click the New Rule button.
  3. Enter a name in the What do you want to call this rule? field.
  4. From the Apply this to transactions that are ▼ dropdown, select Money in or Money out.
  5. From the In ▼ dropdown, select the bank or credit card account.
  6. Set the rule conditions. You can set a single rule with up to 5 conditions. Set and include the following, then select + Add a condition.
  7. In the Conditions fields, specify whether the rule applies to DescriptionBank text, or Amount. Then select ContainsDoesn't contain or Is exactly to decide how QuickBooks applies the rules.
  8. Select the settings for the rule. Select the Transaction type.
  9. Hit the Add a split, then select either split by Percentage or Amount.
  10. Choose a Payee or Customer to apply the rule.
  11. Once done, hit Save.

 

You can also consider creating parent and sub-customers to group or divide your open receivables and using location tracking for payables. Refer to this article for more details: How to group Accounts Receivable or Accounts Payable account types.

 

When everything is in order, you can read this for future reference: Reconcile an account in QuickBooks Online. This contains instructions for ensuring that your bank and credit card statement balances always match your QuickBooks balance.

 

We'll always be available to help if you run into any other QuickBooks questions. Have a wonderful day!

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