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Level 1

Expenses for rehab project

I tried to input itemized expenses in Items&Services connected to an account in Chart of Accounts but I can't figure out where my expense will show. Please help!

2 Comments
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Community Champion

Expenses for rehab project

Well they should not show up as actual expenses until you finish the project or sell the property if this is a flip.

 

For a flip: WIP or work in progress is a current asset account you should add to your COA and post all rehab costs to this account. Once completed you can move the total to a separate "inventory" current asset which will be part of your basis in the property .

 

If you are just performing rehab on continuos owned business property not for sale you still should use the WIP approach as there is certainly a possibility that the project must be depreciated rather than expensed.

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Moderator

Expenses for rehab project

Welcome, @BonillaGroup. Happy to see you here.

 

Let's find out which account your Item or Service is connected to. Check out the super easy steps below:

 

  1. In the top menu bar, navigate to Lists, then Item List.
  2. The Item List window will appear. You can see the associated income or expense account tied to a certain item by looking under the Account column.

 

That's it! For more information on managing your Item List in QuickBooks Desktop, I recommend checking out: Add, edit, and delete items

 

Shoot me a reply below if you have any other questions. I'm here as your number one resource for QuickBooks Desktop. Hope you have a great week ahead!

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