Table of Contents
Introduction
In certain situations the payments that we make are not as simple as in most cases. For example, if you go to the Gas station and you purchase a couple of gallons of gas, a sandwich and some candies, and a teddy bear for your kid, you may want to split this transaction between different categories. The situation can get even more complicated if you decide to pay with some cash that you have in your wallet (get rid of the coins for example) and your checking account. And on top of that use the Cash Back service.
Orientation
Splitting a transaction is as easy as creating a regular transaction with MoneyWiz for iPhone. In this section we will explain how to:
- Split transactions between accounts
- Split transactions between categories
- Split transactions between both accounts and categories
- How to reflect cash backs
Split transactions between accounts
To split a transaction between accounts you have to start creating the transaction as usual – for more information please check the Working with Transactions guide.
The first button on the top shows the name of the account you are currently in. You can tap this button and a list with all your accounts will be revealed. Note that the account you are currently in, has a tick mark and the others don’t.
To split a transaction between multiple accounts, select all accounts which participated in the transaction you are entering.
Then enter description and payee as usual, and the total amount of the transaction. Note that if you select more than one account here, the Done button changes to Next.
Tap the Next button and you will be taken to additional screen where you can explain how exactly this transaction has to be divided between accounts.
At this point you can always tap Back and select only one account if you decide that you don’t need to split the transaction. By default MoneyWiz allocates equally the amount between all selected accounts. You may change that both using the slider or directly entering the amount.
When you finish the adjustments you can tap Done and your transaction will be split between the selected accounts. Note that in each account the transaction appears with the amount spent from this account only.
Split transactions between categories
To split a transaction between categories you have to start creating the transaction as usual – for more information please check the Working with Transactions guide.
Just below the accounts button you will see a button which allows you to select categories. Please note that you may select as many categories as you want to.
To split a transaction between multiple categories, select all categories which apply to the transaction you are entering.
Then enter description and payee as usual, and the total amount of the transaction. Note that if you select more than one category here, the Done button changes to Next. Tap the Next button and you will be taken to additional screen where you can explain how exactly this transaction has to be divided between categories. It is very similar to split transactions between accounts.
At this point you can always tap back and select only one category if you decide that you don’t need to split the transaction. By default MoneyWiz allocates equally the amount between all selected categories. You may change that both using the slider or directly entering the amount.
When you finish the adjustments you can tap Done and your transaction will be split between the selected categories. Note that the transaction will appear as one transaction in the account you select and as separate transactions in budgets which monitor those different categories.
Split transactions between both accounts and categories
In order to split a transaction between accounts and categories at the same time, you should just start to create expense transaction as usual, then select all relevant accounts and all relevant categories. On the next step you will be able to configure how the transaction should be split.
Handle cash backs
In some situations, we go to a store, buy something and use the Cash back service. This situation is handled easily with MoneyWiz for iPhone. All you have to do is:
- Create expense transaction with the amount that you spent in the store.
- Create a transfer transaction between the account that you used to pay and your cash account with the amount of the cash back.
Summary
Split transactions are common for some people and rare for other people, depending on their spending habits. In any case, MoneyWiz for iPhone allows you to quickly create such transactions. Although all the examples above are with expense transactions, MoneyWiz for iPhone also supports split for income transactions and split scheduled transactions.
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