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Level 1

Expenses Directly Billed Through to Clients on P&L

Hi,

We bill expenses through to our clients without a mark-up we currently have the account under COGS but when I invoice clients the invoices amount stays in that account rather than being in Fee Revenue. I am aware that if I put these charges in as "items" rather than expenses it will move the invoiced amount to Fee Revenue. 

When I download transaction from our credit card company and the bank it does not allow me access the "item" tab when adding details which would mean I'd have to go back into every transaction to get into the correct area.

I am assuming I am missing something, if anyone knows what I should do to enter bank transactions as items rather than expenses from the bank feed please let me know. Or another work around.

Thanks!

3 Comments
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QuickBooks Team

Expenses Directly Billed Through to Clients on P&L

Good day to you, c_w.

 

What you’re doing is the reverse of the normal transaction process. Well, we can still add the items to your bank feed entries. Lastly, I would highly suggest consulting an accountant to get the best advice in handle your transactions. That way, you won’t have issues when authorities will audit your books.

 

Normally, when we receive a bill from a Supplier, we record it in QuickBooks. Then, we create a bill payment when we give them the actual payment. When the payment posts in the bank and is downloaded in Bank Feeds, we match it to the bill payment.

 

In your case, you can just directly add (Quick Add) your bank feed entries to your bank register. Then, you’ll have to open each one and add the items in the ITEMS tab. This will double the amount of the transaction, so you’ll need to remove the line item/category in the EXPENSES tab. Highlight the line item and press Ctrl + Del to remove it.

 

We're just around if you have additional questions about your bank feed transactions.

Highlighted
Level 1

Expenses Directly Billed Through to Clients on P&L

Hi Jess,

 

I'm not fully understanding what you're saying. I don't match the transactions I import from the bank I select "add detail" and I put in the account, detail about the transaction, the client it's being billed to etc. But it is still only in the expense section. Put if I double click the transaction AFTER I enter it in the list of transactions for the account then I have the item option. How am I suppose to be doing this? Do I have to not download transactions and manually enter each one? That seems like a very inefficient way to do things since some of the items downloaded are expenses and not items so I really don't want to manually enter each transaction. 

But I think what you're telling me QBs doesn't have a way to do what I am looking for? I feel like QBs is really starting to fall behind a bit.

Highlighted
QuickBooks Team

Expenses Directly Billed Through to Clients on P&L

I appreciate you getting back to us and clarifying things about your concern, @c_w.

 

Currently, you can only select an account when adding details to the imported transaction in your bank feeds. You may consider creating a check transaction with the appropriate items and manually match them.

 

Here's how:

 

  1. In your QuickBooks Desktop, go to the Banking menu, then select Write Checks.
  2.  Select the appropriate bank account from the drop-down.
  3. Click the payee from the Pay To The Order Of drop-down.
  4. Go to the Items tab, then select the item from the drop-down.
  5. Fill out the necessary information and click Save & Close.

Once done, you can now match the imported transactions. Let me guide you how.

 

  1. Go to the Bank Feeds Center, then select the bank account where you imported the transactions.
  2. Click the Transaction List button.
  3. Select the transaction from the list, then choose Match to Existing Transaction.
  4. Choose the check transaction on the list and click Confirm Match.

Here's an article you can read for more details: Add and match Bank Feed transactions in QuickBooks Desktop.

 

You might want to check out this article to learn how to modify bank feed settings: Edit Bank Feed settings for bank or credit card accounts.

 

Keep in touch if you need further assistance with this, or if there's anything else I can do for you. I've got your back. Have a good day.

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