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I have an Indiana EZ Pass for which they started charging a monthly fee ($1.50) for each transponder. I only use the EZ pass on rental vehicles for business purposes. I do charge the actual tolls as travel expense. They also charge the business credit card a fixed amount of $10 whenever the balance gets below $2.50 resulting in a positive account balance at the toll company.
How are the monthly fees to be entered?
How are the credit card charges to be entered?
FWIW, this is for a single member LLC.
Thanks.
I'd be glad to help you add the credit card charges, ChuckHack.
In QuickBooks Online (QBO), you can enter the credit card charges as Expenses. You can select a category so that you can post the amount accurately. Here's how:
I'd also recommend reconciling your account in QBO as this would match your bank and credit card statements.
For a complete picture of your business and profit, you can browse through this article on how to record expenses: Enter and manage expenses in QuickBooks Online.
If you have any other concerns about credit card charges in QuickBooks Online, feel free to let us know. You're highly appreciated, stay safe.
Do you have a suggestion for the expense account? Considering this is not a toll fee but a monthly management fee for the transponder, I'm at a loss as to what the account/name should be.
Thanks
Hi there, ChuckHack. I'm here to provide the list of expense accounts you can select.
Here are some of the list of expense accounts you can choose from:
For more information, you can check out this article: Learn where QuickBooks Online detail types appear on your tax forms.
However, I'd still recommend contacting your accountant for guidance to check the most appropriate expense account to ensure the accuracy of books. If you don't have one, you can find a professional through this link: https://quickbooks.intuit.com/find-an-accountant/.
On the other hand, you can generate reports in QuickBooks Online. These can help you gain valuable insights into your business's financial performance and make informed decisions about allocating resources and planning for the future.
You can utilize the reply button below whenever you need clarifications regarding expense accounts in QuickBooks Online.
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