cancel
Showing results for 
Search instead for 
Did you mean: 
Highlighted
Level 1

How to record Per Diem

I'm a single member LLC and received per diem from a company that I'm working for. How do I record this per diem in my company's quickbook account? I record my expenses while traveling that the per diem is covering but they are not associated with the per diem I have received. Should I assign some of those costs to the per diem I'm receiving? 

3 Comments
Highlighted
Community Champion

How to record Per Diem

You get the per diem regardless of your expenses so no need to tie them together. And you doybtless do not otherwise get reimbursed for tge expenses. Just use a Sales Receipt with a service item for per diem that posts to income. And make sure you give the company you work for a proper W9 with your LLC name and number

Highlighted
Level 1

How to record Per Diem

I was looking for months how to do this on Quickbooks but happens that Per Diems are NOT taxable and SHOULD'T be considered as an income. IRS requires the employee to fill an expense report to the employer. I guess now I have to find a way to create an Expense Report on quickbooks so I can record it properly.

Here is the IRS link for per diems:

https://www.irs.gov/pub/irs-regs/perdiemfaq%26a.prn.pdf

 

 

Highlighted
Level 1

How to record Per Diem

The question is how to record per diem, not what is per diem.

Per Diem is an EXPENSE to the company and unless the company wants to pay taxes on the per diem it needs to be expensed

 

The question, still unanswered, what is the "Tax Line" for per diem.

Need to get in touch?

Contact us