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Mocha Chestnut
Level 2

Owner Operator Leased by Company - Fuel Expense

Hi,

I am an S Corp Owner Operator leased by a fuel company.  Fuel (and other expenses) is already deducted from my settlement before pay. Whats the best way to make a journal entry these expenses?

 

 

Thank you

 

Solved
Best answer March 15, 2022

Best Answers
Rustler
Level 15

Owner Operator Leased by Company - Fuel Expense

It would be better to use a sales receipt, and use items you create for the income as well as the expenses.
line one - an item which posts the gross amount to income
line two - an expense item which posts to the expense account with the qty set to a negative one, and the amount entered
line three and beyond the same as line two, each with a different line item

QB is not designed to use journal entries, they often do not work as expected and do not show on some reports

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2 Comments 2
Rustler
Level 15

Owner Operator Leased by Company - Fuel Expense

It would be better to use a sales receipt, and use items you create for the income as well as the expenses.
line one - an item which posts the gross amount to income
line two - an expense item which posts to the expense account with the qty set to a negative one, and the amount entered
line three and beyond the same as line two, each with a different line item

QB is not designed to use journal entries, they often do not work as expected and do not show on some reports

Mocha Chestnut
Level 2

Owner Operator Leased by Company - Fuel Expense

Thank you.

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