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Level 1

Reimbursement for damages caused

Hi all, 

 

I am a general contractor and hire sub-contractors to perform all the work on home remodels. One of my subs broke a mirror in the home while performing their scope of work. I replaced the mirror and received a $340 check from my sub-contractor to reimburse me for the cost of replacement. How can I file this in quickbooks so it's not considered income? 

 

-Dennis

Solved
Best answer November 24, 2020

Best Answers
QuickBooks Team

Reimbursement for damages caused

Hello there, @amirtoptier.

 

You'd just want to make sure to use the same expense account used in buying the replacement mirror. This way, it will offset the original expense transaction. I can walk you through how to do it.

  1. Go to the New (+) icon.
  2. Choose a Bank Deposit.
  3. From the Bank Account drop-down, choose the account where the actual check is deposited.
  4. In the Add funds to this deposit section, enter the payment details. 
  5. Click the Save and Close button

You can read through this article to learn more ways on how to record your refund transactions: Enter a refund from a vendor.

 

Also, I'd recommend consulting your accountant once these steps are complete. They'll be able to guide you in determining the best way to handle your expense transactions. 

 

I'm only a few clicks away if you have any other questions. Wishing you and your business continued success.

View solution in original post

2 Comments
QuickBooks Team

Reimbursement for damages caused

Hello there, @amirtoptier.

 

You'd just want to make sure to use the same expense account used in buying the replacement mirror. This way, it will offset the original expense transaction. I can walk you through how to do it.

  1. Go to the New (+) icon.
  2. Choose a Bank Deposit.
  3. From the Bank Account drop-down, choose the account where the actual check is deposited.
  4. In the Add funds to this deposit section, enter the payment details. 
  5. Click the Save and Close button

You can read through this article to learn more ways on how to record your refund transactions: Enter a refund from a vendor.

 

Also, I'd recommend consulting your accountant once these steps are complete. They'll be able to guide you in determining the best way to handle your expense transactions. 

 

I'm only a few clicks away if you have any other questions. Wishing you and your business continued success.

View solution in original post

Level 1

Reimbursement for damages caused

Thank you sir!

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