Sometimes, a single transaction in your bank account includes several different expenses or needs to be booked to multiple properties. REI Hub offers the ability to 'split' imported transactions to allow you to easily turn one imported transaction into multiple.
Note: for transactions that apply to all of your properties, you can also utilize Portfolio Level Transactions by updating the transaction scope field. These transactions are held at the portfolio level and then are pro-rated down to the property level at tax time with the Schedule E Report.
Splitting an imported transaction will result in multiple transactions in your import feed, each needing to be booked individually. The split transactions will have the word 'Split' added to the beginning of the description (the rest of the description is the same as the original transaction).
To Split an Imported Transaction
1) Navigate to the transaction on the import feed, click the three dots next to the Book button
You can access the import feed in two ways:
From the Banking page, by clicking 'View All' next to a specific account.
You can navigate directly to the import feed page for all the bank accounts together under the Transactions menu tab.
2) Toggle the action selector to 'Split'
3) 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.
4) 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 original transaction!
5) 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.
6) 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.
7) 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.
Still have questions? Reach out to our Support Team via email at [email protected] or call us at (888)939-6865.