cancel
Showing results for 
Search instead for 
Did you mean: 
alex at lm
Level 1

Two businesses splitting an expense

My business (business A) and another's split our dumpster fee.  Business B pays me $50 for his share.  What's the best way to label these monies coming in and what's the best transaction to offset our costs?  I'm assuming they aren't taxable income. (quickbooks online)

Solved
Best answer March 05, 2019

Best Answers
Rustler
Level 15

Two businesses splitting an expense

Set B up as a customer

create a service item called dumpster fee and select an income account, other income wouuld be my suggestion

 

pay the expense for the dumptster

invoice company B and receive payment

 

on the P&L income is reduced by expense, so in this case if there were no other transactions the P&L would look something like

 

income, 50

expense, 100

net income, -50

 

-50 is your expense for the dumpster

View solution in original post

1 Comment
Rustler
Level 15

Two businesses splitting an expense

Set B up as a customer

create a service item called dumpster fee and select an income account, other income wouuld be my suggestion

 

pay the expense for the dumptster

invoice company B and receive payment

 

on the P&L income is reduced by expense, so in this case if there were no other transactions the P&L would look something like

 

income, 50

expense, 100

net income, -50

 

-50 is your expense for the dumpster

View solution in original post

Need to get in touch?

Contact us
Sign in for the best experience
Ask questions, get answers, and join our large community of QuickBooks users.
Sign In / Sign Up