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SMKatPC
Level 1

Consulting business - customer license

I work for a small consulting firm, and we are helping a client set up a new location. They had to obtain a license to operate; we paid for it, then they reimbursed us. What expense category should I book this to, assuming "taxes & licenses" is for OUR licenses only?

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Best answer May 06, 2020

Best Answers
Rustler
Level 15

Consulting business - customer license

It really does not matter since you also book the payment received to other income and the expense and payment cancel on the P&L

 

If this is a one time type of thing, use the present expense accounts, other wise I would create an expense account under other expenses titled client expense, and an income account under other income titled client re-payments and use those

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1 Comment
Rustler
Level 15

Consulting business - customer license

It really does not matter since you also book the payment received to other income and the expense and payment cancel on the P&L

 

If this is a one time type of thing, use the present expense accounts, other wise I would create an expense account under other expenses titled client expense, and an income account under other income titled client re-payments and use those

View solution in original post

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