Manually post a Health Insurance split transaction into QuickBooks Online via the Bank Feeds Module

This article addresses how to manually post a health insurance split transaction into QuickBooks Online via the bank feeds module.

The Bank Feeds module in QuickBooks online is a very useful tool to be able to download your banking (and credit card) transactions into a temporary holding platform; thus, from this platform you can review and then decide which expense, income, etc. accounts to post your (new) transactions into. Note: To access your bank feeds transactions, consult with your QuickBooks training articles online to understand how to do this.

Sometimes, to post a single bank-fed transaction, requires that this transaction be split into two or more accounts. For example, let’s say you have a charge (expense) from a health care insurance company for $3000, but you need to post this (split) into multiple payroll liability and expense accounts.

So, to resolve the scenario above:

  1. Click on the bank fed transaction to open it up; you should be able to now view the fields for Vendor/Customer, Account, Memo, etc. But you should also be able to now view the two rectangular buttons on the bottom right side: “Split” & “Add”.
  2. Click on “Split”
  3. Now, a new screen opens up called “Split Transaction”. Here you should be able to view fields such as: “Paid To” and multiple lines below, all with the same titles such as “Category”, “Description” and “Amount”.
  4. So, for our scenario here, begin with the first Category line and pick a payroll liability account and then choose an amount for $500 for that line.
  5. Now go to the 2nd Category line and pick a different payroll liability account and then choose an amount for, say $650, for this line.
  6. Lastly, go to the 3rd Category line (Click +Add Lines if you need to) and choose a payroll health care expense account for the remaining amount of $1850.
  7. You will notice now at the bottom right that the total Split Amounts equals the Original Amount and the Difference should be Zero.
  8. Now click on “Split and Add”.

Note: AccuraBooks is a bookkeeping firm only, so please consult with your C.P.A. for verification and clarification about the contents of this article.

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