Tracking Recurring Transactions as Income

chrismartin97 · ‎August 24, 2022

I recently upgraded to plus and I am now using billable expenses. I went back and retroactively selected billable and my customer for all expenses. I also retroactively updated the invoices so the line items are linked to the correct billable expenses. It all appears to be working properly except for how they are showing up on my P&L. I have some invoice transactions reporting under the expense category and some reporting to "Billable Expense Income". I want to track billable invoices as income in the "Billable Expense Income" section. I have verified the "Track Billable Invoices as Income" checkbox is selected and I also have it set for "single account". I also went back into the invoices and double checked that the account in the billable expense is set to "Billable Expense Income" via the chain link icon. However, they still aren't showing up that way in my P&L. I'm sure this has something to do with the fact that I've retroactively changed these but I'm new to QuickBooks and there weren't that many transactions and only a few invoices so I was hoping I could be consistent throughout with the way I want to track them going forward.

Thanks in advance for any assistance.

chrismartin97 · ‎August 24, 2022

I was able to figure it out....it seems that if you change the Account for a billable expense AFTER you add it to an invoice its not updated on the invoice itself. Even though there is no way to see it, the expense is still tagged with the original category (Travel: Hotel in my case). The solution was to unlink all the billable transactions from the invoice. This caused the account in the billable expense to revert to the original "Travel: Hotel" category. I then needed to update the account for all billable expenses manually to "Billable Expense Income" using the "Open" button. Once all the categories were updated I re-added the expenses to the invoice. My P&L is now correct.

Thanks you.

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chrismartin97 · ‎August 24, 2022

Sorry. I just noticed the title is misleading. This question is about BILLABLE expenses not recurring. multi-tasking fail. sorry for any confusion.

Kurt_M · ‎August 24, 2022

Hi there, @chrismartin97. Thanks for the clarification. I'll ensure you can get through this so you can proceed to run a profit and loss report and see those transactions under the Billable Expense Income account in QuickBooks Online (QBO).

First, we have to take note of those transactions that you've added in the Expense category. You'll then want to recreate them so you can properly track those transactions. Once everything looks good, proceed to enter a billable expense, and then link it to your invoice. I'll input the steps below so you can proceed. To begin, here's how:

Access your QuickBooks Online company.
On the left navigational bar, click the + New button.
Select the transaction (Bill, Expense, or Check) you want to create and then choose a payee.
In the Category column, select Billable Expense Income.
Enter the description and amount of the expense, then select the Billable checkbox.
In the Customer column, select the customer you want to bill for this expense.
(Optional) Enter or make sure the markup % is correct, then select the Tax checkbox or choose a tax agency if you want to charge tax.
Select Save and close.

See this article for more information about adding the billable expenses to invoices: Enter billable expenses.

Additionally, I've got you this article in case you'd like to customize a report to show the data that you need for your business in QBO: Customize reports in QuickBooks Online.

You can also check this page in case you'd like to create personalized sales forms, and match them to your business here in QuickBooks Online: Customize invoices, estimates, and sales receipts in QuickBooks Online.

It was a pleasure to have you here today, @chrismartin97. If there's anything else that you'd like me to assist you with, feel free to get back to me by clicking the REPLY button below. Rest assured, I've got your back, and I'll help you out again. Thanks for choosing QuickBooks. Take care, and have a nice day!

chrismartin97 · ‎August 24, 2022

Thanks for the information. I've been through the articles and while it works for new transactions the ones I changed after they were initially created are still not working. To help I've attached some screen shots (with personal data removed) showing 2 transactions from a single invoice. one for airfare and one for hotel. The airfare one is wokring properly but the hotel is not. I can't find any differences that would cause this.

Thanks

chrismartin97 · ‎August 24, 2022

I was able to figure it out....it seems that if you change the Account for a billable expense AFTER you add it to an invoice its not updated on the invoice itself. Even though there is no way to see it, the expense is still tagged with the original category (Travel: Hotel in my case). The solution was to unlink all the billable transactions from the invoice. This caused the account in the billable expense to revert to the original "Travel: Hotel" category. I then needed to update the account for all billable expenses manually to "Billable Expense Income" using the "Open" button. Once all the categories were updated I re-added the expenses to the invoice. My P&L is now correct.

Thanks you.

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Tracking Recurring Transactions as Income