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Clients send us money each month to cover travel expenses. How can we track the amount received and the travel expenses deducted from this amount throughout the month?

 
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Best answer February 04, 2020

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Content Leader

Clients send us money each month to cover travel expenses. How can we track the amount received and the travel expenses deducted from this amount throughout the month?

Hi there, kilpopmedia.

 

I'd like to help point you in the right direction so you're able to track travel expenses and deductions.

 

In this instance, I recommend setting up a separate "Travel Funds" account. Here's how to add a new account:

 

1. Hover over the Accounting tab in the left navigation panel, then click Chart of Accounts.

2. Select the green New button in the top right corner.

3. Choose Other Current Assets under Account Type.

4. Enter the Detail Type, and the Name.

5. Click OK when you're finished.

 

Once you have this account created, you could make a recurring Sales Receipt for when your client sends you travel expense funds. Here's how:

 

1. Click the +New button in the top left corner.

2. Select Sales Receipt.

3. Choose Make Recurring at the bottom of the page.

4. Enter all of the necessary info.

5. Make sure to select your new Travel account in the Deposit to section.

6. Select Save template.

 

I've got a couple articles for you that offer even more details:

It's always a good idea to talk about setting up these types of accounts with your accountant just to sure this would be a good fit for your business model. Please let me know if you have any other questions.

View solution in original post

Highlighted
Moderator

Clients send us money each month to cover travel expenses. How can we track the amount received and the travel expenses deducted from this amount throughout the month?

Thanks for providing us with an update, @kilpopmedia.

 

Setting up sub-accounts under the Travel Funds account would allow you to separate each client's travel income, so if you'd like that specific information on reports, you can definitely do it that way. You've got some good ideas, there!

 

For information on setting up sub-accounts in your Chart of Accounts, check out: Create subaccounts in your chart of accounts in QuickBooks Online

 

Please touch base with us here if there's anything else you need, I'm determined to ensure your success. Wishing you and your business continued success in all that you do.

View solution in original post

3 Comments
Highlighted
Content Leader

Clients send us money each month to cover travel expenses. How can we track the amount received and the travel expenses deducted from this amount throughout the month?

Hi there, kilpopmedia.

 

I'd like to help point you in the right direction so you're able to track travel expenses and deductions.

 

In this instance, I recommend setting up a separate "Travel Funds" account. Here's how to add a new account:

 

1. Hover over the Accounting tab in the left navigation panel, then click Chart of Accounts.

2. Select the green New button in the top right corner.

3. Choose Other Current Assets under Account Type.

4. Enter the Detail Type, and the Name.

5. Click OK when you're finished.

 

Once you have this account created, you could make a recurring Sales Receipt for when your client sends you travel expense funds. Here's how:

 

1. Click the +New button in the top left corner.

2. Select Sales Receipt.

3. Choose Make Recurring at the bottom of the page.

4. Enter all of the necessary info.

5. Make sure to select your new Travel account in the Deposit to section.

6. Select Save template.

 

I've got a couple articles for you that offer even more details:

It's always a good idea to talk about setting up these types of accounts with your accountant just to sure this would be a good fit for your business model. Please let me know if you have any other questions.

View solution in original post

Highlighted
Level 2

Clients send us money each month to cover travel expenses. How can we track the amount received and the travel expenses deducted from this amount throughout the month?

Thank you Morgan! We have several clients who will be sending us money for travel. Do you think it is best to set up sub-categories for each client under new "Travel Funds" account? This way we can track the income and spending of each client. I also read a section about Budgets... does this apply to client budgets or just the company budgets?

-Rebecca

Highlighted
Moderator

Clients send us money each month to cover travel expenses. How can we track the amount received and the travel expenses deducted from this amount throughout the month?

Thanks for providing us with an update, @kilpopmedia.

 

Setting up sub-accounts under the Travel Funds account would allow you to separate each client's travel income, so if you'd like that specific information on reports, you can definitely do it that way. You've got some good ideas, there!

 

For information on setting up sub-accounts in your Chart of Accounts, check out: Create subaccounts in your chart of accounts in QuickBooks Online

 

Please touch base with us here if there's anything else you need, I'm determined to ensure your success. Wishing you and your business continued success in all that you do.

View solution in original post

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