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steeloakcustoms
Level 1

How can I only record a partial amount of an expense and exclude the rest? Ex: I only want to record $300 from a $500 expense, and exclude the remaining $200.

 
2 Comments
GarlynGay
Moderator

How can I only record a partial amount of an expense and exclude the rest? Ex: I only want to record $300 from a $500 expense, and exclude the remaining $200.

Hi steeloakcustoms,

 

When you record expenses, just simply click on the Plus icon and select Check. Choose the vendor/supplier name, the expense account and description. Enter the amount of $300 and click on Save and close

 

If you need more help about selecting what expense account, I'd suggest contacting  your accountant. He/She is the best resource who knows your financial reports.

 

Let us know if you need anything else. Have a great day! 

Rustler
Level 15

How can I only record a partial amount of an expense and exclude the rest? Ex: I only want to record $300 from a $500 expense, and exclude the remaining $200.

@GarlynGay

Enter the amount of $300 and click on Save and close. You don't need to record the $200 in your QuickBooks.

IF
if the money was spent from the business bank account - YES you need to record the full amount spent.  How else will the bank account be able to be reconciled??


@steeloakcustoms

If the 500 was paid from the business bank, and 300 was a business expense, what was the other 200 for?

if it was personal, and if you are taxed as a sole proprietor or partnership, then use owner equity drawing as the account to record the 200 payment.

For a company taxed as a sole proprietor (schedule C) or partnership (form 1065), I recommend you have the following for owner/partner equity accounts  (one set for each partner if a partnership)
[name] Equity (do not post to this account it is a summing account)
>> Equity
>> Equity Drawing - you record value you take from the business here
>> Equity Investment - record value you put into the business here

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