TIPS60 - On Quickbooks - Explaining "Splitting" a Transaction

Here is another of our videos offering tips and inisights into the business of photography. a transcript of the video is included after the jump.

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TRANSCRIPT:Here are a few thoughts on splitting transactions in Quickbooks. I'm John Harrington. Quickbooks is a great solution and a great tool, but you need to make certain that all of your all of your expenses are properly categorized. In one instance, you're actually going to be writing a check to, say, a credit card company for $1,500, but the credit card company expense is actually comprised of three separate expenses. In this instance, you have a $1,000 expense to a camera store for a lens, you may have a $400 expense for office supplies to Staples, and then you may have a $100 expense say, for a client meal that you took a client out to. Each of those has to be categorized as a separate expense in Quickbooks and you do that using the splits category that is an option within Quickbooks. So use splits to make certain that you have all of your expenses properly categorized.

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