Question

Tracking billable expenses as income not working

Forum|Forum|3 years ago
April 1, 2023
2 replies
12 views

I turned on the setting to track billable expenses and items as income but the reports for the income account I selected to track this expenses is blank.

My expense accounts reports are populating correctly but the income account tracking these expenses is not. It is my understanding that the income account is supposed to start automatically tracking expenses marked as billable. is this not the case?

My expenses are being tracked by the Cost of Good Sold Accounts
The income account that is supposed to be tracking these expenses is Sales of Product Income
I turned on this setting after I sent invoices to customers. Could this be the problem and I somehow need to re-sync billable expenses to start the tracking?

QuickBooks Online

K

Kevin_C

Moderator

Thanks for posting here in the Community, claudia2191. I'll share information about how the billable feature tracks income accounts in QuickBooks Online (QBO).

In QBO, you'll have to enable this billable expense feature before generating an invoice. This way, you can select the Billable checkbox when creating a bill.

Here's an example of billable expense tracking:

You enter $100 worth of Wood payments on the Check page using an expense account called Wood and make them billable to one of your customers. Then you include that billable expense on the invoice to that customer.

In the check transaction, QuickBooks decreases your checking account by $100 and increases the Wood account by $100. While in the invoice transaction, QuickBooks increases your accounts receivable account by $100. It's also affected by the income account setting you choose:

If you choose In a single account, the specified account in the setting Gear> Chart of accounts > Billable expense income account is increased by $100.
If you choose In multiple accounts, the account specified in the Account information page for Wood is increased by $100.

Doing this will ensure that the billable expense is being tracked to the correct income account you specified in the Advanced > Chart of accounts > Billable expenses income account.

You can refer to this article for more details about this feature: Enter billable expenses.

Additionally, you can check out this article to learn more about how to personalize your reports in QBO: Customize Reports in QuickBooks Online.

I'm all ears if you have other concerns or additional questions about your QBO account. I'll get back to you to help ensure this is resolved for you. Have a good one!

C

claudia2191Author

@Kevin_C , thank you for your comment, however, as mentioned in my post, I had already enable this feature in my account settings. The single income account I picked to track the expenses is the "Sales of Products Income" account. The problem is that when I run a report on this account it is empty, regardless of the date range I select.

I already have a good amount of expenses tagged as billable and categorized to the Cost Of Goods Sold expense account. Why isn't the income account I selected tracking the billable expenses?

K

Kevin_C

Moderator

Thanks for the quick response, claudia2191.

We want to ensure we're giving you the correct solution to answer your query. Thus, I have to ask for some details about this.

Can you please provide us with some additional information or screenshots of your setup? Please include the Billable expense income account, the invoice transaction, and the specific report page in your screenshots.

Also, may I know what specific report you have run to view these data?

Furthermore, have you seen any amount on the Billable expense income account since this was the default account selected? And have you tried deleting and recreating the transactions to check if they re-synced?

I'd appreciate it if you could provide more details about your concern. We look forward to it. Keep safe!

T

Twodown

My cost of goods sold has the cost in there BUT not visible and NOT included in totals.

S

Shania_C

QuickBooks Team

Welcome to the Community, @Twodown.

Thanks for raising your concern here. To clarify some things, can you provide me with precise details of your concern for me to be able to comprehend your issue and to efficiently assist you?

Your cooperation is greatly appreciated as it will provide a solution. If you provide a screenshot that would be amazing, however, please be mindful and careful to not include sensitive information. This precaution is taken to prevent any potentially fraudulent activities.

Please know that we're here to assist you throughout this process. I'll patiently wait for your response. Keep safe!

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