Hi there, @SH100.
I've seen your post about moving Billable Expense Income from the Inventory Asset account to the Cost of Goods Sold in QuickBooks Online. Before making any journal entries, I'd like to provide a few important reminders:
- Review the products and services you use, as they'll reflect in your Cost of Goods Sold when you record them as billable. Ensure they are assigned to the proper accounts.
- Before making any changes to your accounting records, it's always a good idea to consult with your accountant or tax advisor to ensure compliance with accounting standards and regulations.
- When entering and categorizing expenses, it's crucial to ensure that the information is accurate and consistent. This will help maintain the integrity of your financial records and avoid potential issues with tax authorities.
With these reminders in mind, you can proceed with the journal entries mentioned on the first bullet. However, always remember to consult with your accountant or tax advisor to ensure that the transactions are appropriate and compliant with accounting standards.
If you're looking for a better way to track expenses by creating jobs, you can continue using QuickBooks' Projects feature. When you mark an expense as billable, you can invoice it to your customer later. This feature is useful for passing costs to your customers, such as materials or subcontractor services.
If you use QuickBooks Time, your employees can track their time directly to the project you set up.
Let me know if you have further questions about Billable Expense and Projects feature in QuickBooks Online. The Community team is always here to assist you.
