cancel
Showing results for 
Search instead for 
Did you mean: 
Cristiane Fabris
Level 1

How do I record franchise fees in QuickBooks online?

I am a franchisee and I want to record the down payment for the Franchise Fee and the monthly Franchise Fee Amortization. Should I record as an expense? But in what category? Can someone help me how to record these? 

1 Comment 1
MJoy_D
Moderator

How do I record franchise fees in QuickBooks online?

I can help you record those franchise fees, @Cristiane Fabris.

 

Yes, you can record this as a business expense in QuickBooks Online (QBO). To select the best category that suits this transaction, I suggest consulting an accountant for guidance with the best one to use.

 

To record this expense:

  1. Go to the + New and select Expense.
  2. Provide all the necessary information about this expense.
  3. In the Category details section, choose the expense account you use to track the Franchise Fee and the monthly Franchise Fee Amortization expense transactions. 
  4. Enter the Amount and tax.
  5. Click on Save and close once you're done.

Check these articles for more information: Enter and manage expenses in QuickBooks Online.

 

You can also refer to the following reference to know more when to use a bill, a check, or an expense in QBO: What is the difference between bills, checks, and expenses?

 

Let me know if you need more help in recording your transactions. I'm always here to answer them for you. Take care and have a great rest of the day!

Need to get in touch?

Contact us