So I've been buying the materials for a remodeling job , none of this expenses where included in the cost for the project , the customer reimbursed me for this purchases , my question is How do I enter this in Quickbooks so it does not show as an income
i would recommend you assign a customer name in the transaction you recorded for paying for the material, and then you create an invoice for that customer and tab to next field, the expenses will pop up (if it doesn't click add time & expenses at the ribbon at the top of the invoice) you can select to invoice customer for these material cost and it will just reduce the expense
Hello there, Racso.
You can record a barter transaction. Let me show you with the steps.
First, set up a barter bank account. Here's how:
Next, create and receive payment for the invoice for the barter transaction. Here's how:
Then, deposit the payment to the barter bank account. Here's how:
Lastly, open the pay the bill for the barter transaction. Here's how:
As always, I recommend conferring with your accountant on the best way to handle this situation.
While I can't answer any accounting advice queries, I'm here for you if you have other QuickBooks technical concerns.
Please learn from the input here. There is no Bank account in the answer to this person.
Yes, this is Gross Income to you, but your purchase creates Gross Expense. Your reporting will show the Net is 0. Do not confuse Gross = All, with Net = what the Results are from the activities.
And you are using Desktop, so the entries on the Purchase data would be done using the Items tab, on the Checks and paperless check (debit card) and Credit Card Charge entries, and for Subs or vendors that send a Bill for you to pay later. You need to be using Two Sided Items, so that you linked the purchase to Expense or COGS and the Sales to Revenue.
And now you have Profit reporting, too.
Please see my attachment.