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Is there a way to show split transactions in a tax summary report?

I found out recently that split transactions were not showing up in my Tax Summary report. There is a "Show Splits" checkbox that shows up in Customize for "Banking/Transaction" reports, but it does not show up in my Tax Summary report or Itemized Category report. Hard to believe that Quicken would not include split transactions in such a report. Very costly to me as some charitable donations which were recorded as split transactions (because only a portion was tax deductible) did not show up in my Tax Summary report.

Best Answer

  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    Accepted Answer
    The Tax Summary report will only show transactions, and only show splits, where the CATEGORY of the txn/split has a tax line assigned to it.
    SO, have you checked each split transaction to verify that this condition is met.
    BTW, Mortgage Interest (as part of an amortized mortgage payment) is a classic example of the tax-related portion/split of a transaction being included in the Tax Summary report.
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP

Answers

  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    Accepted Answer
    The Tax Summary report will only show transactions, and only show splits, where the CATEGORY of the txn/split has a tax line assigned to it.
    SO, have you checked each split transaction to verify that this condition is met.
    BTW, Mortgage Interest (as part of an amortized mortgage payment) is a classic example of the tax-related portion/split of a transaction being included in the Tax Summary report.
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • mlbaum
    mlbaum Member
    Thank you that seems to be working. I could have sworn I did this before, but I guess I didn't. Glad it's working.
  • SniffNYC
    SniffNYC Member ✭✭
    Using Deluxe 2018. I have a split where the category shows up on the Tax Schedule report separate from the other transactions of the same category. Specifically, I have a category called "Tax:State - Prior" to record refunds or payments related to the prior year. I got two refund checks at separate times, so one was deposited by itself (payee was the state name), another deposited together other checks to deposit, so the payee was simply labeled "Atm" and I used the Memo field in the split to record the state name. Both transactions used the "Tax:State - Prior" category. On the Tax Schedule, the single deposits correctly reported under the "State income taxes" heading; however the deposit recorded as part of a split came at the end of the Schedule A section of the Tax Summary and the heading was "State income taxes [Atm]" which was the same as the payee I used for the deposit. Not sure why these transactions are separated like this.
  • UKR
    UKR SuperUser ✭✭✭✭✭
    SniffNYC said:
    Using Deluxe 2018. I have a split where the category shows up on the Tax Schedule report separate from the other transactions of the same category. Specifically, I have a category called "Tax:State - Prior" to record refunds or payments related to the prior year. I got two refund checks at separate times, so one was deposited by itself (payee was the state name), another deposited together other checks to deposit, so the payee was simply labeled "Atm" and I used the Memo field in the split to record the state name. Both transactions used the "Tax:State - Prior" category. On the Tax Schedule, the single deposits correctly reported under the "State income taxes" heading; however the deposit recorded as part of a split came at the end of the Schedule A section of the Tax Summary and the heading was "State income taxes [Atm]" which was the same as the payee I used for the deposit. Not sure why these transactions are separated like this.

    Did Quicken think of this split deposit as part of a business transaction that was not correctly associated with a Schedule C category?
    If you're routinely depositing more than 1 check per bank deposit slip, it might be better to use an Intermediate Deposit Account to make each individual deposit with correct Payee Name and Category. See below.

    Intermediate deposit account for HB&R (a.k.a. "Suspense Account"):

    When you receive multiple payments by check per day but only make one summary deposit to your bank ...

    1. Create a cash or offline checking account, named something like "Checks to Deposit" with an Opening Balance of $0.00
    2. When filling out the deposit transaction (or the New Customer Payment form (H&B)), deposit the check to "Checks to Deposit" instead of your regular bank checking account.
    3. At the end of the day, tally up all checks on your deposit slip. In Quicken, in the "Checks to Deposit" account make a transfer transaction "Daily Deposits" in the amount of your deposit slip. Put the amount into the Payment column. As category choose your checking account, surrounded by [square brackets], e.g. [ABC Bank Checking]. Verify that this reduces the balance in the "Checks to Deposit" account back to zero (or you may have made a mistake somewhere along the way).

     


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