Created with Sketch.Learn about PPP and Loan Forgiveness, stay informed with the latest changes.
Created with Sketch.Questions about how to close your books for 2020? Visit our Year End Resources page.
Created with Sketch.New to QuickBooks or using a new product? Visit our Get Started resource page to help you get going.
Created with Sketch.Need to make changes to your account? Visit the Account Manager Portal.
cancel
Showing results for 
Search instead for 
Did you mean: 
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?

Solved
Best answer May 06, 2020

Best Answers
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

1 Comment
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

Need to get in touch?

Contact us