How to create an expense account that won't effect the P & L

WIP (work in Progress) Fixed Asset account, more precisely you want to post ALL flip costs to the increasing basis of the Fixed Asset.  Purchase of Fixed Assets is never on the P&L. When sold th egain, either sort (less than a year) or long will appear on the P&L. 

Let me provide you some information about WIP accounts, Y10 Tax.

QuickBooks Online (QBO) creates specific accounts by default and the Work in Progress (WIP)account isn't currently not one of them. 

If you've entered WIP information in QBO, you may want to consider recording them in a separate account. To add a new account (WIP) to your chart of account, follow the steps below:

1. Go to the Gear icon and select Chart of Accounts.
2. Select New to create a new account.
3. In the Account Type ▼ dropdown, choose an account type.
4. In the Detail Type ▼ dropdown, select the detail type that best fits the transactions you want to track. Learn more about detail types.
5. Give your new account a name. Use the detail type description to create a name that describes what you're tracking.
6. Add a description.
7. If this is a sub-account of an existing account, select Is sub-account and then enter the parent account. Learn more about parent accounts and subaccounts.
8. Now let's make sure the account in QuickBooks matches your real-life bank or credit card account. In the When do you want to start tracking your finances ▼ dropdown, choose when you want to start tracking the transactions:
   • Select Today to start tracking transactions as of today. In the Account Balance field, enter the balance of the account for today. 
   • Select Other to pick a specific date to start tracking transactions. In the Select a date field, choose the date you want to start tracking transactions for the account in QuickBooks. In the Account Balance field, enter the balance of the account for the date you pick.
9. Click Save and Close.

However, I still recommend reaching out to our accountant for other ways on how to record them. 

For reference, please visit these help articles if you have questions about QBO.

Post a comment below if you have any other concerns about the process, Remember, I'm always right here to help you.