Permission Required: Users with the Admin Profile and Custom Profile can access this feature.
Regional Availability: Australia, India, Indonesia, Singapore, United States
Overview
All Volopay users can split transactions into multiple line items to properly allocate different amounts to different accounts - category, department, location, or any custom fields you need.
How to split an expense?
To allow your employees to split transactions, you can head to Card Settings > General > Split expense (toggle at the bottom). Enable the split expense feature for your company.
Then open the expense slider, which you want to split, Once you've navigated to a expense, scroll to the section "Accounting" and click "Split". Add as many lines as you need.
Amounts must add up to the expense total.
Each line can be coded differently by category, department, location, and also any custom fields.
Splits can be updated in the table view to adjust amounts, categories, and other fields. However, a split expense can only be saved if all split lines are valid. Once a is split, it will be updated on your accounting dashboard by the merchant name.
Accounting and Submission Policy for Split Expenses
We’re excited to announce enhancements to the handling of accounting tags and submission policies for split expenses, designed to ensure greater accuracy, consistency, and ease of use in your workflows.
What’s New?
Accounting Tags Propagation
All accounting tags and custom fields applied to the original expense will now automatically carry over to each individual split during a split transaction.
Uniform Submission Policy Application
Submission policies will now be consistently applied across all splits, ensuring alignment with organizational compliance standards.
Enhanced User Experience for Split Deletion
When deleting a split expense, a confirmation popup will appear with the following actions:
All splits will be removed and consolidated into a single expense.
Accounting tags, custom fields, and submission policies applied to the first split will now transfer to the consolidated expense.
Benefits
Improved Accuracy: Ensures proper application of accounting tags and submission policies for split transactions, reducing errors.
Ease of Management: Simplifies workflows by providing clarity and control over split expenses.
Streamlined Processes: Minimizes manual intervention with automated propagation of policies and tags.
This update is part of our ongoing commitment to enhancing your experience and ensuring seamless financial workflows.
Steps to Update Accounting Tags
Follow these simple steps to update the accounting tags for your expenses:
Access the Expense Overview
Navigate to Cards, then Expenses, and click Overview.
Select the Expense
Locate the expense you wish to modify or split and click on it.
Open the Split Option
Once the expense is selected, a slider will appear. Scroll down and click the Split icon.
Adjust the Split Details
A new slider will appear, showing the expense split into two equal parts by default.
Scroll to the right to edit the accounting tags, including categories, tax codes, and other relevant fields.
Save Your Changes
After making the necessary adjustments, click Save and Continue to finalize your updates.
Editing After Updates
If you need to make further edits, click the Edit Split icon (found in the same location as the Split icon).
Perform the required changes and click Save and Continue again to save your edits.
By following these steps, you can easily update accounting tags and ensure accurate expense management.
