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Split and expense by % in Quickbooks to classes or departments

Posted on 2013-01-22
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Last Modified: 2013-01-24
Is it possible to automate the splitting of an expense in quickbooks?

i.e.

Invoice For $500.00
Account is 66000 Payroll Expense

I have 3 classes:
Sales
Service
Body Shop

I want to split the expense:
Sales 20%
Service 60%
Body Shop 20%

But I do not want to do the math....
I have seen in other accounting systems the ability to create a %account that is set to split an expense automatically.

i.e.
Account %66000
will split the $500.00 between the three classes by a preset %

Thanks for any help.
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Question by:swedishmotors
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2 Comments
 
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QBalance_QuickBooks_Advisor earned 500 total points
ID: 38808416
QB does not have an allocation Feature
However,  I have the following work-around


1. Use the item tab on expense transactions
     the  QTY field represents the %
       so 25%  is entered as .25  and the amount field
     to represent the total amount of the bill.

2. to get started,
   set up items in your items list
    type = Other chart
    name= same as the chart of account
    account = chart of account.

3. If you have to allocate over many items, you can
   enter your items and % , and then memorize the expense transaction.
   dont enter an amount or vendor name.
   When ready to enter an expense, go to the memorized trx list  to
   start your transaction

Linda Saltz
QBalance
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LVL 1

Author Closing Comment

by:swedishmotors
ID: 38816267
Awesome, thanks!
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