what is split transaction shopify quickbook

welcome to this quickbooks 2021 tutorial,for beginners on how to record split,transactions my name is matt holdquist,with the quickbooks university,and there seems to be a lot of confusion,around split transactions and what,exactly they are okay so in quickbooks,basically that just means that okay if,you're recording,something let's say uh it's a bill,or it's a check um it can even be a,deposit sometimes you need to put these,to,two or more different accounts,okay so when you put it to one account,that's not a split transaction so when,you put it to more than one,so let's say two accounts that is a,split transaction you're just splitting,it between the accounts,so one of the more common transactions,you're going to see with,a split transaction is a loan payment,okay because the loan payment has a,breakout between,principal you're paying some principal,in that loan payment,and also interest okay so you have,interest expense and you have principal,on that loan payment and so you have to,split the transaction between the two,accounts that's,all a split transaction is so let me,show you some,simple examples i'm going to walk,through a bill and then we'll walk,through a check and i'll just show you,um what this looks like okay so i'm,going to click on enter bills,all right so i'm going to choose a,vendor here we're going to say bayshore,cal,oil service all right we're going to say,this bill,is 265 dollars and 32,cents and so down here we've got fuel,okay so that's one account so let's say,that fuel,we spent 65 dollars and if you tab,so i'm tabbing through these other uh,uh columns here and go to the next,account or next line you'll see that it,puts in the,the balance okay so we had 65 now we got,200,and 32 cents okay so let's say that this,was repairs and maintenance okay so we,had some repairs and maintenance,so this is a split transaction all right,so when you pull this up,in a register if you're looking at a,register,of you know accounts payable register,you're going to see it'll say,split and the reason is is because it is,a split transaction,okay so what you're going to do we're,going to save and close this,and let's see this is 12 15 2023,so i'm going to show you what that looks,like in a report,if i go down to a balance sheet standard,12 15 and i go to accounts payable,we should see the bill down at the very,bottom down here,that i just recorded okay 265 dollars,and 32 cents,so you can see here where it says split,so anytime you see that you see one here,uh let's see you see one here okay that,just means that there is more than one,account and if you see the account,where it says split and there's just one,account that it is not,a split transaction so anytime you're in,a report like this you can double click,this,it'll take you directly to that,transaction and you can see the split,okay pretty straightforward all right so,now let me go to the home screen,and we'll do another one here we're,going to say,we're going to write a check okay so,let's say this was a you know maybe,you're printing this,check off of quickbooks and we'll say,print later,okay we're gonna pay to the order of uh,let's say that we went to costco,and we need to split it between a few,different things okay we spent,521.36,and so down here we've got office,supplies but if we're looking at our,receipt we're like okay well you know,some of it's office supplies,we'll save 62.38 was office supplies,okay and then we look down our receipt,and we see that okay,well we did have to renew our membership,while we were there so that was,150 okay,and if we go down let's see if we have,some other,let's say that we bought some postage,from costco,okay and then if we pick the final we'll,say that maybe,uh we picked up uh some,we had something printed okay at costco,i'm not even sure if they sell postage,or,uh do printing but let's say this was,the breakout on the receipt so you can,see now i've got multiple accounts,that i am splitting this transaction,between okay,so we're going to save and close and now,we have recorded that check,and then we go print it send it off,whatever the case may be,okay so those are the basics of a split,transaction it's really not as confusing,as it may sound it just means that,you're splitting this transaction,between,uh two or more accounts,any questions whatsoever any comments,feel free to leave those below,also head over to the quickbooks,university,i would love to have you become a member,and answer,your specific quickbooks questions that,website is,qbuniversity.org

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