Patent ID: 7680708

Claim:
A method executable by a processor on a computer system for associating tax line items to transactions in a financial management software application, comprising: obtaining a user transaction by the financial management software application, wherein the user transaction comprises a first split and a second split; associating the user transaction with a transaction category to obtain a categorized transaction, wherein both the first split and the second split of the categorized transaction are associated with a default tax line item based on the transaction category; using the processor of the computer system: changing the default tax line item for the second split to a first user-defined tax line item, wherein the first user-defined tax line item is selected by accepting input from a user, and wherein the default tax line item and the first user-defined tax line item are different; and presenting the categorized transaction as output, wherein the first split is associated with the default tax line item and the second split is associated with the first user-defined tax line item.