How do I assign US Schedule C tax categories to transactions

Leslie Hendelman lesliehendelman at gmail.com
Tue May 3 13:50:29 EDT 2011


Dear Alex:
Thanks for the message.  What I understand about that is to set up
individual Expense accounts and Income accounts for each (usually
repetitive) item, for example, cell phone, office rent, cleaning, etc.,
supplies, and 1099 Income, individual patient pay income, etc.
Then, after importing transactions to my bank accounts, I can use these
other accounts to assign "splits".

When you talk about "splits" you lose me.  I don't know what that means.  On
a typical, for example, Quicken-type, transaction, a split is an amount that
is assigned to a certain category, like the amount of a deposit is $1,000,
and there are 3 splits, $300, $500 and $200, which are individually "split"
off.  Is that what you mean?
thank you,
Leslie


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