Vendor sends a check combining rent and royalties. How do I record the split?

Greetings, Jack. Let me guide you on how to do this.

To begin with, you can record the split between rent and royalties from a combined check through bank deposit. To do so, follow these steps:

1. Log in to your QBO account.
2. Navigate to the + New button on the left menu and select Bank Deposit.
3. Select the bank account where the funds are being deposited and filter the date.
4. In the Add funds to this deposit section, choose the vendor. Then enter Rent or a similar account in the Account column on the first line, include a Description and the Payment Method, and input the Amount that corresponds to the rent portion of the check.
5. On the next line, enter Royalties or a similar account in the Account column, provide a description, and Payment Method, and specify the Amount relating to the royalty part of the check.
6. Ensure the sum of these split entries matches the total amount of the check received.
7. Finally, click Save and Close.

Alternatively, you can enter split transactions into the register in QBO.

I'll also add this article to learn how to reconcile your accounts so they always match your bank and credit card statements: Reconcile an account in QBO.

Furthermore, check out our QuickBooks Live Expert Assisted team. They're experts in simplifying transaction sorting and can greatly enhance your financial management and accounting workflow.

Please let me know if you have follow-up questions about this, Jack.