I will have to get used to the Quickbooks terminology. T...
I will have to get used to the Quickbooks terminology.
The terminology I'm used to, in the double entry accounting system, is that there are subsidiary ledger journal entries which are periodically summarized and posted to an account in the general ledger, or, in computerized systems, these general ledger balances are summarized immediately, though period end closing entries are still necessary.
When you say "splits = details, or allocations", and you speak of "items", maybe this is the way Quickbooks identifies subsidiary ledger accounts / transactions.
In your example, when you say "charge item" do you mean expense? When you say these can be linked to one income account, it sounds like you mean one general ledger income (or revenue) account. If this is the case, then maybe splits are the way multiple subsidiary accounts (such as individual accounts payable) can be linked to one general ledger account (such as the overall accounts payable account).
My organization's Quickbook reports have columns for the general ledger account, and then Type, Date, Num, Name, Memo, Split, Amount, and Balance. I'm wondering if the "Name" column is another way Quickbooks identifies subsidiary accounts, or if it's just a way to isolate an aspect of the transaction description (Memo field), like Num is.