how to record expenses in quickbooks pro

#How to record expenses in quickbooks pro how to#

Charge sales tax: If you’re required to collect sales tax from customers on billable expenses, check this box.

In multiple accounts: A checkbox will be added to every income account information screen, so you can indicate which income accounts should be available to use for billable expense income.

In a single account: All billable expenses will be tracked in an income account named “Billable Expense Income.”.

If you decide to track billable expenses as income, you must choose whether you want all billable expenses to be tracked in a single account or multiple accounts. Any markup of expenses will always be shown as income. If you check the box, the reimbursement will be recorded as income. If you leave this box unchecked, the reimbursement will directly offset the original expense. Track billable expenses as income: There are two methods of accounting for the reimbursement of billable expenses. You can change the markup when creating an invoice.į. If you leave this box unchecked, the expense or item will be billed to the customer at the actual cost. Markup with a default rate of: If you’ve decided to provide an option to bill expenses and items to clients, you can choose a default markup rate. Marked expenses and items will be available to include next time you generate an invoice for that customer.Į. Make expenses and items billable: This feature will provide a checkbox next to each expense and item on expense forms, allowing you to indicate that the expense or item should be billed to the client. Track expenses and items by customer: This should be turned on 1) so that you can assign expenses and items purchased to specific clients, and 2) if you want to bill customers for expenses incurred on their behalf.ĭ. Show Tags fields on expense and purchase forms: Turn this on if you want to use custom tags to track anything of interest across expense transactions.Ĭ. The use of items is a powerful feature of QuickBooks, so we highly recommend this option be activated.ī. Items include the products and services that you sell to customers, so this option must be turned on if you have inventory. Show items table on expense and purchase forms: This setting must be turned on to assign expenses and purchases to “items” instead of directly to expense accounts.

#How to record expenses in quickbooks pro how to#

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