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Level 2

Job supplies

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 Comments
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Level 15

Job supplies

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

Level 2

Job supplies

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.

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Level 15

Job supplies


@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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Level 1

Job supplies

If i have simple start and i enter the paint and materials it shows as income. cant it be put on the invoice but not show up as income. I cant seem to find a way to do that. Id prefer to not have to enter all the reciepts as expenses. It seems i should be able to put the line item on the invoice in a way that it shows as an expense automatically instead of double entry

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Moderator

Job supplies

Hello @Pbbamber,

 

You can edit and assign any of your accounts for the Income account of your items.

  1. Go to Sales.
  2. Select Products and Services.
  3. Find the paint and materials you wanted to edit.
  4. Under ACTION, select Edit.
  5. On the Income account menu, select any of your accounts.
  6. Click Save and close.

I've got you this helpful article in case you need some ideas about managing your account: Reports and Accounting.

 

Please touch base with me here for all of your QuickBooks needs, I'm always happy to help. Thanks for dropping by.

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