I pay for my client's QBO subscription. I created an expense and marked it as billable to my client. I did NOT mark it up. I created an invoice and added the expense. I do NOT want the reimbursement to be included as income. Should I un-check the box labeled "Track billable expenses and items as income" ? Are there additional steps that I should take so the reimbursement will not show up on the P&L as profit and expense? Thanks in advance!
@HectorGarciaCPA
3 ай бұрын
Dont mark it up.. and it will reverse back into the expense
@TobyMiller1970
3 ай бұрын
@@HectorGarciaCPA , thank you! I appreciate itl
@TobyMiller1970
2 ай бұрын
@@HectorGarciaCPA , I didn't mark it up at all, but my P&L report shows that it increased my income by approx. $2,000 and my software expenses by the same amount. I was trying to help my bookkeeping clients to save money and I passed the entire discounted cost to them and I did not profit at all. How can I set this up where it won't increase my taxable income? Thanks Hector!
@HectorGarciaCPA
2 ай бұрын
@@TobyMiller1970 it nets to zero, so taxable income is not affected
@TobyMiller1970
2 ай бұрын
@@HectorGarciaCPA .... thank you! That gives me peace of mind.
@jilcel1031
6 жыл бұрын
Very well explained! Thank you so much, Hector!
@HectorGarciaCPA
6 жыл бұрын
jilcel1031 you welcome
@mckennaragland5093
4 жыл бұрын
adding a billable expense with a customer name attached makes a long list on the customer account itself. is there a better way to list expenses and charge them to the customer so it doesn't look so messy on their account?
@HectorGarciaCPA
4 жыл бұрын
Mckenna Ragland no
@luistrejo5450
6 жыл бұрын
Hector I own a small trucking company and was wondering if I could use billable expense for fuel advances and pay advances that are reimbursed from an independent contractor?
@HectorGarciaCPA
6 жыл бұрын
Luis Trejo that would work.... but you have to create the contractors as Customers as well
@HectorGarciaCPA
6 жыл бұрын
Luis Trejo it doesn’t have to be income, or could just be a reduction (or netting) of cost. The Billable feature only works for Invoices, so if you are going to use that as a was to reduce your payable to them, then it would be a manual process. Accounting for the settlement statements for the trucking industry is NOT an easy task. my last client I helped him with this, took us like 4 hours to figure it out and get it right.
@HectorGarciaCPA
6 жыл бұрын
Luis Trejo you can do what you are trying to do.. but billable expense is not the answer.
@zullyrodriguez7554
4 жыл бұрын
Hi Hector, I get reimbursed from my client since I pay for her QB online subscription. is this expense considered COGS?
@zullyrodriguez7554
4 жыл бұрын
forgot to mention, I have a bookkeeping business. thank you.
@svetlaencheva6382
5 жыл бұрын
Hi, thank you for that video. I buy materials for customers and then put 30% markup(overhead) on each item I buy. I want to create a list of all materials with the purchase price so that I can include them in invoices. Can I do that?
@HectorGarciaCPA
5 жыл бұрын
A purchase order would work
@Stitch163
6 жыл бұрын
How do you handle reimbursements for toilet paper for the office or small overhead items? Don’t think we use petty cash. Haven’t done this in awhile. Can we issue check to cash? Thx
@HectorGarciaCPA
6 жыл бұрын
Asad Beldo yes.. just select the office supplies category
@MaCherieMcAli
8 жыл бұрын
what version of QBO do you have. Because mine does not have that available.
@briancnc
6 жыл бұрын
Intuit literally makes one check box (billable expenses) unavailable in the essentials version, rendering this not possible, unbelievable how they nickel and dime their customers.
@HectorGarciaCPA
6 жыл бұрын
Yes is QBO Plus only... is not just the checkbox, there is a lot more features in plus
@briancnc
6 жыл бұрын
Hector Garcia CPA Sure, but many which we don't need. The billable expense is basically Tee'd up in essentials and the only thing prohibiting you from using it is that checkbox. I'm sure intuits team was saying, but wait, let's just make them pay double for this. Really, billable expenses/ time are very basic accounting functions, intuit has a history of doing this with their products in genrral. Looking at alternatives nowm
@HectorGarciaCPA
6 жыл бұрын
briancnc ok.. i respect your opinion.. and I don’t work for intuit so I am not going to defend them. But the only alternative really is Xero, and it REALLY sucks... try it for yourself. I personally don’t mind paying $50 a month for the central brain of my business, small price to pay for so much value...
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