How to Record Expenses: Billable & Reimbursable | QuickBooks Online Tutorial 2018


QuickBooks allows you to charge customers for your expenses through a feature named billable expenses First let’s turn that option on by going to the gear icon and then choosing account and settings you’ll find the billable expenses options in the expenses area and then click on bills and expenses first let’s turn on track expenses an items by customer And then also make expenses and items billable if you charge a mark-up along with your billable expenses Choose this box and you’ll have an option while filling out the expense to charge your customer a markup on top of your normal Expenses there are also other options for billable expenses here now Let’s save our settings and click done any time you spend money You can mark it as being a billable expense so if you’re creating an expense a check or a bill any one of these can be marked as billable and Also, even downloaded transactions in the banking center can be marked as being available we had to pay for a sim equipment rental So let’s enter an expense The payee is a one rental, and we spent money out of our checking account By using our debit card down in the account details area. Let’s explain to QuickBooks what we spent our money on We spent money on equip and rental which is an expense account Then enter a description the description here is really important because this is what the customer will Eventually see on the invoice that you send to them then Enter the amount of money that you spent on this expense if you want to tell QuickBooks that this expense was for a particular customer You can click the customer drop down arrow and choose that customer from the list we spent this $500 on a job that we’re performing for Amy’s bird sanctuary at this point we could save this transaction And we would be telling QuickBooks about $500 leaving our checking account balance And if we looked at our profit and loss report we would see equipment rental go up by $500 and if we looked at job costing reports we would see Amy’s bird sanctuary as being the reason for this expense But if we want to charge Amy’s bird sanctuary for this expense on top of it already being assigned to them click on the billable section then click the check box this means that we want to create an invoice later on to amy’s bird sanctuary for this 500 dollars and If we want to mark up this expense at all we can enter a markup percentage right here let’s say we’re gonna mark up Amy’s bird sanctuary by 10 percent and Then save and close if you’re entering transactions through the banking Center. You can also assign billable expenses all you have to do is click on the transaction and then right under the payee area you’ll see a billable box and also a customer field use billable expenses Anytime you need a charger customer for your expenses

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