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kristenemilybehl
Level 1

Do I need to manually enter every receipt in order for credit card payments to be broken down into individual expenses? I have my bank account connected.

I assumed linking my bank account would eliminate the need to enter receipts manually, but since it only registers the lump sum of each credit card payment, am I correct that I still need to enter receipts and categorize each one? And won't that create a duplicate problem, since the cost on the receipt is also being captured by the credit card payment?
1 Comment 1
Catherine_B
QuickBooks Team

Do I need to manually enter every receipt in order for credit card payments to be broken down into individual expenses? I have my bank account connected.

Hello there, kristenemilybehl.

 

In QuickBooks Self-Employed, you can split transactions when you're categorizing them. You can split transactions business transactions between multiple expense categories.

 

Let me show you how to split your transactions: 

 

  1. Click the Transactions menu.
  2. Look and select the transaction to split.
  3. From the TYPE column, click Split.
  4. In the Split transaction screen, you can select if you want split by amount or percentage.
  5. Select the TYPE and select the correct Category and then the amount.
  6. Click Save.

When you categorize, QuickBooks organizes your transactions and puts them on the correct line of your Schedule C form/report. This way, you're able to submit the right amount of self-employed taxes to the agency. You can refer to this article to learn more about it: Categorize transactions in QuickBooks Self-Employed. It also includes details about income and expense categories in QBSE.

 

Let me know if there's anything else I can help you with. I'd be more glad to assist. Take care!

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