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Best answer January 24, 2024
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Hi there, accounting-lansi.
I'll share some information and guide you through the process of setting up a specific income account for your billable expenses in QuickBooks Online.
If you're using QuickBooks Online Plus or QuickBooks Online Advanced, you'll be able to turn on billable expenses and assign a specific income account to track it.
To assign the income account to your billable expense account, follow these steps:
- Go to the Gear icon.
- Choose Account and settings.
- Click on the Edit icon in the Bills and expenses section.
- Under Track billable expenses and items as income, tick the radio button for In multiple accounts. This will add an option to "Use for billable expenses" checkbox to an account’s edit screen in the Chart of Accounts.
- Once done, hit Save, then Done.
Also, before associating your expense and income accounts, ensure you are in Business view. When the billable expenses option is enabled for multiple income accounts, you will be unable to assign income accounts to expense accounts in the Accountant view. You can use this link as a reference: Switch between Business and Accountant view in QuickBooks Online.
After that, go to your Chart of accounts and assign the income account to your expense account. Like this:
- Go to the Gear icon at the top, then Chart of accounts.
- Locate the expense account. e.i. billable utility expenses (5010) or billable advertising expenses (5015).
- Click on the dropdown arrow in the Action column, then hit Edit.
- In the account details window, put a checkmark for Use for billable expenses.
- Select the Income Account in the dropdown.
- Then hit Save and Close.
I've also added this article for more information about different account setups for your chart of accounts: Learn about the chart of accounts in QuickBooks Online.
Let me know if you still have other concerns or follow-up questions about billable expenses and account management. I'll be here to assist. Have a great day!
Hi there, accounting-lansi.
I'll share some information and guide you through the process of setting up a specific income account for your billable expenses in QuickBooks Online.
If you're using QuickBooks Online Plus or QuickBooks Online Advanced, you'll be able to turn on billable expenses and assign a specific income account to track it.
To assign the income account to your billable expense account, follow these steps:
- Go to the Gear icon.
- Choose Account and settings.
- Click on the Edit icon in the Bills and expenses section.
- Under Track billable expenses and items as income, tick the radio button for In multiple accounts. This will add an option to "Use for billable expenses" checkbox to an account’s edit screen in the Chart of Accounts.
- Once done, hit Save, then Done.
Also, before associating your expense and income accounts, ensure you are in Business view. When the billable expenses option is enabled for multiple income accounts, you will be unable to assign income accounts to expense accounts in the Accountant view. You can use this link as a reference: Switch between Business and Accountant view in QuickBooks Online.
After that, go to your Chart of accounts and assign the income account to your expense account. Like this:
- Go to the Gear icon at the top, then Chart of accounts.
- Locate the expense account. e.i. billable utility expenses (5010) or billable advertising expenses (5015).
- Click on the dropdown arrow in the Action column, then hit Edit.
- In the account details window, put a checkmark for Use for billable expenses.
- Select the Income Account in the dropdown.
- Then hit Save and Close.
I've also added this article for more information about different account setups for your chart of accounts: Learn about the chart of accounts in QuickBooks Online.
Let me know if you still have other concerns or follow-up questions about billable expenses and account management. I'll be here to assist. Have a great day!
