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Splitting Credit Card into multiple expense accounts

When entering my Credit Card Bill I am splitting the expenses into different accounts. (ie. office Supplies, Shipping, Travel, ...)  However, not all of my individual receipt are for a single account; many of them must be split between multiple account types.

 

My question is: Is there a way to split my receipt total into the corresponding accounts, while factoring in the sales tax?  I am currently doing this all by hand, and getting dreadfully behind.

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Best answer 12-04-2017

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Established Community Backer ***

Re: Splitting Credit Card into multiple expense accounts

This is Not a Bill. That is your Account Statement.

 

You did not buy anything from AMEX or VISA and you did not buy everything on that one date. That is the problem with your current method.

 

Every date you use the card, those providers got Paid, and you went more int Debt, by borrowing from AMEX or VISA. You used the card = a micro-loan. You are supposed to enter Each Purchase, as a Credit Card Charge entry. They each have a payee = who you bought it from, a date, and you split what you just bought that specific Charge slip.

 

This increases the running debt balance on the credit card Account Type in your financial records.

 

You get that Statement and you Reconcile to it.

 

Your Payment from Checking is against the Credit Card Account, as paying down debt. This is not When you just paid for office supplies or food; you bought those already, in the details separately entered, every time you Used the card to Charge it.

2 Comments
Established Community Backer ***

Re: Splitting Credit Card into multiple expense accounts

This is Not a Bill. That is your Account Statement.

 

You did not buy anything from AMEX or VISA and you did not buy everything on that one date. That is the problem with your current method.

 

Every date you use the card, those providers got Paid, and you went more int Debt, by borrowing from AMEX or VISA. You used the card = a micro-loan. You are supposed to enter Each Purchase, as a Credit Card Charge entry. They each have a payee = who you bought it from, a date, and you split what you just bought that specific Charge slip.

 

This increases the running debt balance on the credit card Account Type in your financial records.

 

You get that Statement and you Reconcile to it.

 

Your Payment from Checking is against the Credit Card Account, as paying down debt. This is not When you just paid for office supplies or food; you bought those already, in the details separately entered, every time you Used the card to Charge it.

Established Community Backer ***

Re: Splitting Credit Card into multiple expense accounts

I can envision a situation where you buy , in one purchase, office supplies, stamps (postage) and repairs to office equipment. When entering the purchase (date by date) put in the total in t heamount box above the detail section. As you enter each split the remaining balance will prepopulate for each new row until you are done. Now what you do on each line is enter the net of account being charged and in the box times it by the tax as follows. If tax is 5% and the individua item was $10 then enter "10*1.05" and tab to next line, repeat until you are done with the receipt total. Remember that sales tax is never or hardly ever a separate expense but is part of each individual purchase.

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