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Join nowI already track mileage using the QB app. I am a consulting engineer so my mileage is expensed back to the client with no mark up I pass it through at the IRS mileage rate. I do not take my mileage as a tax deduction or at least I don't want to.
Bills and Expense in Account and Settings are set all on so I can make expenses billable,
Track billable expenses and items as income is NOT checked. Maybe it should be???
I have Reimbursable mileage setup as a service with the income account as "Billable Expense Income" Sales Price is the current IRS mileage allowance (.585)
purchase product or service from vendor is checked with a cost of $0 Expense Account is Travel: Reimbursable Mileage (I set it up in chart of accounts)
The above does not quite feel right to me it seems to show up correct in the P&L report it works in my Project tracking. Can anyone provide insight on how they setup accounts and pass through mileage as an expense or provide input on this being right or wrong?
I am a Sole Proprietor LLC with no employees not sure if that matters
Thank in Advance
Solved! Go to Solution.
Thanks for getting back to this thread, @McGibbets.
Allow me to jump into this conversation and provide answers to your questions.
For your first concern, yes, the Item details section is mainly used when purchasing specific products and services from a vendor. On the other hand, you'll want to use the Category details section to track expense transactions.
With regards to your second question, it'd be best to reach out to your accountant. That way, they can guide you on which account should be used in tracking Mileage Asset.
Moreover, there are different ways in recording expenses in QuickBooks Online. If you've already paid for a business expense, enter it as an expense. If you plan to pay for the expense in the future, enter it as a bill.
For additional info, you can check the difference between bills, checks, and expenses.
You can always share your concerns with us if you have any other QuickBooks-related questions, @McGibbets. We'll be here to provide further assistance. Have a good one.
Hello there, welcome to the Community, @McGibbets.
You're already on the right track in setting up your accounts and billing your mileage to customers using QuickBooks Online (QBO). Let's also enable or check the Track billable expenses and items as income option so you can assign your transactions to the appropriate account every time.
Since you've already activated the Make expenses and items billable feature, you're appropriately passing your mileage back to your clients. You'll only need to check the Track billable expenses and items as income options so you can assign them to the account you want. Here's how:
To further guide you in billing your customers for an expense and how you can link the billable expense to your customer's invoice, please refer to this article for the complete guide: Enter billable expenses.
Also, you may want to check out this article as your reference in tracking and managing your expenses using QBO: Enter and manage expenses in QuickBooks Online.
Please don't hesitate to let me know if you have other mileage concerns or questions about billable expenses in QBO. I'll gladly help. Take care, and have a great day, @McGibbets.
Rea,
Thank you for your help. I have now checked that box up and its set for single account. I think I have it sorted except for a couple items
Thank you again for the help and quick response.
Thanks for getting back to this thread, @McGibbets.
Allow me to jump into this conversation and provide answers to your questions.
For your first concern, yes, the Item details section is mainly used when purchasing specific products and services from a vendor. On the other hand, you'll want to use the Category details section to track expense transactions.
With regards to your second question, it'd be best to reach out to your accountant. That way, they can guide you on which account should be used in tracking Mileage Asset.
Moreover, there are different ways in recording expenses in QuickBooks Online. If you've already paid for a business expense, enter it as an expense. If you plan to pay for the expense in the future, enter it as a bill.
For additional info, you can check the difference between bills, checks, and expenses.
You can always share your concerns with us if you have any other QuickBooks-related questions, @McGibbets. We'll be here to provide further assistance. Have a good one.
I appreciate your help adding other expenses besides mileage have been a non issue for me. I will reach out to my accountant on the second part.
Thanks again have a good weekend
McGibbets - Did you get this figured out? I have the exact same question for your same scenario. Mileage reimbursement is showing up as job income but I do not see the expense to offset it in P&L. Not sure if I am missing a step.
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