Sometimes, a single bank transaction includes multiple expenses or applies to more than one property. TurboTenant Accounting allows you to split imported transactions, turning one imported transaction into several for more accurate tracking.
š” TurboTip: If a transaction applies to all of your properties, use Portfolio Level Transactions by updating the Transaction Scope field. These transactions are recorded at the portfolio level and automatically prorated to each property at tax time in the Schedule E Report.
When you split an imported transaction, TurboTenant Accounting creates multiple transactions in your import feed. Each split transaction must be booked individually and will include the word āSplitā at the beginning of the description, followed by the original transaction description.
To Split an Imported Transaction
1) Navigate to the Import Feed under the Transactions Tab in TurboTenant. Next, click the three dots next to the Book button and select Split
2) Click 'Add Line' as needed
You can split a transaction into as many pieces, or lines, as necessary.
If you have added too many lines, click the trash can to delete that line.
3) Enter an amount for each line, click Save Transaction
The system will split the original transaction into the number of lines specified and the amounts entered per line.
Ensure that all lines sum up to the total of the originl transaction!
4) Book the Split transactions
The split transactions will show underneath the original transaction and have the word 'Split' added to the beginning of the description (the rest of the description is the same as the original transaction). Click Book on each transaction and book as appropriate!
Please note that if you are filtering the import feed by 'Unbooked Transactions,' you will not see the original transaction, now denoted by 'Unsplit' next to the transaction.
5) If you need to Unsplit the transaction
Click 'Unsplit' on the original imported transaction to unsplit it. Please note, if the smaller split transactions have been booked, unsplitting the original will unbook each portion.
Finally, re-book the transaction as appropriate. You can split it again as desired or book it as appropriate.
6) Optionally choose to automate the split in the future
Transaction matching rules allow you to automate certain actions in your import feed. To have the system automatically split a transaction each time it is imported, select the box to 'Create a new transaction matching rule.'
Double-check that the description and amount are correct. Make sure the number of split transactions and their amounts are correct, then click 'Create' at the bottom to save the rule.
Matching by amount is required for split rules, and it has to match part of the imported description from the bank to ensure that only the appropriate transactions are split in accordance with the rule.