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mwest1
Level 2

How would I classify the cost for meeting venues as a journal entry?

 
3 Comments
qbteachmt
Level 15

How would I classify the cost for meeting venues as a journal entry?

You use Bank Check when you paid the expense from Checking, as paper check or debit card or ACH or EFT. The account is from a Bank type, in this file; even if that is Spent Cash from the Cash on Hand or Petty Cash bank.

 

You use Credit Card Charge, because you Charged it.

 

There is no JE.

 

If you Rented the spaces, such as a wedding planner does, that is Rental Expense, and most times reportable in Box 1 of a 1099-Misc to the property owner.

mwest1
Level 2

How would I classify the cost for meeting venues as a journal entry?

I just wanted to know if I need to separate the costs associated with renting meeting venues from the costs associated with our office facility Rent & Lease?

qbteachmt
Level 15

How would I classify the cost for meeting venues as a journal entry?

Rent expense is Rent Expense, no matter who you pay it to, unless, for example, you are a wedding planner or event planner. In this example, your CPA might want it to be Cost of Goods Sold, but still tracked as reportable on 1099--Misc in Box 1 for US rent, when that name qualifies for this reporting. That's because in this example, it is a direct cost for doing your business, but your office rent is a cost of being in business.

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