7.3. Splitting Transactions

Most of the time, a single category is sufficient for each check or a credit card charge you record. Life is simple: You create the transaction, pick the category, and Quicken tracks how you spent that money. But more often than you might think, a transaction applies to more than one category. Say you deposit a fistful of checks all at once—your paycheck, a health insurance reimbursement, and a birthday present from your favorite aunt. Your bank probably records this as a single deposit, but you, on the other hand, want to keep track of each check. Similarly, the popularity of galaxy-sized supermarkets means that one credit card charge can cover groceries, auto supplies, running shoes, and baby photos. But you want to know what you spent in each category. Finally, the typical mortgage payment doles your money out to principal, interest, and the mortgage escrow account (Section 9.2.4). Quicken handles these multipurpose payments with splits—transactions you divide among several categories.

Tip:

Another use for split transactions: when you want to deposit only part of a check into the bank and take the rest in cash. Simply record the check deposit into the bank account as one part of the transaction and the transfer to your Quicken cash account (Section 7.1) as the other.