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E
Eaholman24
November 26, 2018
Question

Job supplies

  • November 26, 2018
  • 5 replies
  • 13 views

I’m a paint contractor sub contracting from another paint contractor that supplies paint. One day I had to buy paint because we were so far out , and he said he would reimburse me. How do I record these transactions?

5 replies

Rustler
Rustler
Level 15
November 26, 2018

create an invoice for the paint purchased, he pays it

 

you record the purchase as an expense, you can make it billable if you have the plus version, which makes it easy to move to the invoice, but otherwise the process is the same

    E
    Eaholman24Author
    December 2, 2018

    So the paint I bought is marked as an expense , then his payment to invoice is marked as what? It’s not revenue. What to mark his payment to the invoice is the part I’m confused on.

    Rustler
    Rustler
    Level 15
    December 3, 2018
    @Eaholman24 wrote:

    So the paint I bought is marked as an expense , then his payment to invoice is marked as what? It’s not revenue. What to mark his payment to the invoice is the part I’m confused on.

    the customer pays you , that is income (revenue)

    the expense you pay

    on the P&L income is reduced by expense to get net profit

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