How To Record client Reimbursed Expenses?
- I am a Sole Proprietor LLC And My Business is An IT Consulting Practice.
- I Use QuickBooks Online “Plus”.
- Some Of MY Travel Is Reimbursed By My Clients.
- I Also Have Other “materials” That Are Reimbursed By My Clients
- When I Bill My Clients I Record These items As “Reimbursable” Expenses And Understand This Is “Income”.
- Can I Set Up An Expense Account Simply Called: Reimbursable expense?
- I Am Specifically Asking This Because i also Travel For Conference ETC So Have Other “travel/meal” Related expenses Too And i Am Thinking i Need to Differentiate Between The two.
You Do Not Have Reimbursed Expenses, Only Employees Do
You Have Expenses, YOu May Or Not InVoice The client For Them And May Or May Not Mark Them Up, In Any Case They Pay The Invoice And That is Your Income.
On The P&L Your Expenses Reduce Gross Income to Get Net Taxable Income.
Yes You Can Post What You Are Calling Reimbursable Expense To one General Expense Account, If You Wish. And The Income To Another Income Account. You Do Not net Income And Expense In One Account.
For More Information Please Visit QuickBook Pro Helpline Center.
If You Have Any Problem Please Let Me Know
Thank You :).