We are a consulting company using QuickBooks Desktop.
We invoice our clients on a Time & Expense basis -- occasionally we conduct site visits on their behalf that requires us to travel. These travel expenses are billed at cost to the client on the subsequent invoices.
In the end, we do not want these travel expenses on the invoices to overstate our revenues.
1. On the invoice to be sent to the client, when creating an item for an expense that was incurred (i.e. cost of the flight), should a special account be created and, if so, what Item Type should be used?
2. When reconciling the credit card expense to capture when the flight was actually purchased, am I using the same account from #1 above?
I am eagerly awaiting your guidance.
Solved! Go to Solution.
I'm here to guide you in managing your item and account types, @LEW65.
Let's start with your first question. Yes, you can use the reimbursement items. Then, the account type should be expense, and the item type you select is a service.
Here's how you create a new item:
Also, if you don't want to use the available expense account on your books, you can create a new expense account to link it with the suggested item. Regarding the reconciliation, you'll be reconciling the credit card account you used to purchase these expenses. You can visit this article to guide you in creating a new account: Add an account.
Additionally, I'll include this article to help you with detailed steps to balance your checking, savings, and credit card accounts: Reconcile an account.
The community is always here to help if you have other queries about account and item type usage. Take care.
I'm here to guide you in managing your item and account types, @LEW65.
Let's start with your first question. Yes, you can use the reimbursement items. Then, the account type should be expense, and the item type you select is a service.
Here's how you create a new item:
Also, if you don't want to use the available expense account on your books, you can create a new expense account to link it with the suggested item. Regarding the reconciliation, you'll be reconciling the credit card account you used to purchase these expenses. You can visit this article to guide you in creating a new account: Add an account.
Additionally, I'll include this article to help you with detailed steps to balance your checking, savings, and credit card accounts: Reconcile an account.
The community is always here to help if you have other queries about account and item type usage. Take care.
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