Account

The name of an account. If the transaction originated in this register, the account is the account to which you distributed the funds (if you distributed to more than one account, the word “Split” appears in place of an account name). If the transaction originated in another register, the account is the account for that register.

For checks, credit card charges:

Choose the account you use to track that kind of expenditure from the list. Typically, you would choose one of your expense accounts.

For deposits:

Choose the account that currently holds the money you are depositing. For example, if you converted a short-term asset into cash and you now want to add the cash to your checking account, you would enter the name of the asset account that tracks the value of the asset.

Asset

Your company assets are the things that your company owns.

QuickBooks distinguishes between two types of assets:

To enter a split:

Click Splits. When you enter a split, you can distribute the amount of the transaction to more than one account. You can assign each split amount to a specific customer or job if you track job-related expenses or charge costs back to your customers. You can also assign classes to the amounts to give yourself another way to track the costs on your reports.

From a register, you can enter splits only for expenses on checks, bills, or credit card charges. To enter split detail for items — or for other kinds of transactions such as customer payments, bill payments, deposits, etc. — double-click the transaction instead.