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Level 2

Venue Rental Accounting Treatment

Our business primarily holds events at local bars, nightclubs, and other venues. Each event requires that we make a payment to that business to rent their space. It's one of our most common expense types (i.e., it is both "necessary and ordinary" for our event planning business and therefore is a standard expense). Should this be entered as "Rent and Lease" on our books in Quickbooks Online? Seems logical but I wondered if that entry is more meant for renting office space. If not Rent and Lease, how should these expenses be entered?

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Best answer 12-23-2019

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Level 15

Venue Rental Accounting Treatment

Don't over think it so much.  Create an expense account called something like venue rental and use that.

 

I would make that account a COGS type and detail type is COS- cost of sales, as well as any other expense accounts that are specific to the activity

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1 Comment
Highlighted
Level 15

Venue Rental Accounting Treatment

Don't over think it so much.  Create an expense account called something like venue rental and use that.

 

I would make that account a COGS type and detail type is COS- cost of sales, as well as any other expense accounts that are specific to the activity

View solution in original post

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