50% Business Expense

How do I enter an expense in Quicken so that 50% of the expense gets charged to my business, and 50% as a personal expense?

For example, I bought a new iPhone last year, that I use for business and personal, paid for on Credit Card. Do I enter half the cost to Business expense in a split transaction? Or do I need to bill the business for 1/2 the cost? If either will work, what is considered the best way?

Best Answer

  • NotACPA
    NotACPA SuperUser ✭✭✭✭✭
    Answer ✓
    A split transaction is, indeed, the way to go.  That way you can use a category, with a Business tax line associated, for part of the bill and a category, with no tax line for the personal portion

    Q user since February, 1990. DOS Version 4
    Now running Quicken Windows Subscription, Business & Personal
    Retired "Certified Information Systems Auditor" & Bank Audit VP

Answers

  • NotACPA
    NotACPA SuperUser ✭✭✭✭✭
    Answer ✓
    A split transaction is, indeed, the way to go.  That way you can use a category, with a Business tax line associated, for part of the bill and a category, with no tax line for the personal portion

    Q user since February, 1990. DOS Version 4
    Now running Quicken Windows Subscription, Business & Personal
    Retired "Certified Information Systems Auditor" & Bank Audit VP

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