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QuickBooks 2010

Invoice, when I create an invoice for a job sometimes I have lunch and millage expenses
I'd like to create an expense for this and include it on an invoice but I want to be able to print it out without showing this expense. How can I do this?

Thanks
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jsarinana
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jsarinana
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1 Solution
 
Tony GiangrecoCommented:
You can setup expense accounts in QB and record them but they can't be added to an invoice unless you add the total cost into an existing charge on the invoice like adding $15 to the mormal labor charge.
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Michael-BestCommented:
Select: "This is a reimbursable charge" checkbox when you create the expense items.
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John HurstBusiness Consultant (Owner)Commented:
I do the latter (reimbursable expense) but it still shows up on the invoice. The total of the invoice is the extended total of the lines. They can have different taxes but all lines show up in the total.

If you are not charging the customer, you can set up an Item (Item list) for the expenses you do not want billed to the customer and put the items in the proper expense account.

If you are not charging the customer, you can do like I do and just leave the expenses off the invoice.

If you ARE charging the customer, they will want to see the details.

There is more than one way to do all this, so I trust this helps.
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jsarinanaAuthor Commented:
I'm pretty new to QB, installing it on a server, recovering it is my experience, using Q.B. is a diff. story and my bookkeeping skills are not good. So with that said. As a consultant I need a way to track my expenses that I'm not charging my client such as millage and meals. A report at the end of a quarter that shows these expenses is what I’m looking for.
Here is an example of a typical invoice:
Item:               QTY          Description                Rate          Amount
Net Services      6            SBS 2010, add DAS   $120         $720

Client Parts        1           Dell M60                     $2,000      $2,000
(Items ordered for client, Non-income)

Balance Due:                                                                        $2,720.00

I have two meal expenses for this job, one when meeting with client and another during the install. Total $20.00
I also have a millage expense for a round trip of 43 miles total $23.87

Trying to understand how to capture these expenses for taxes as a consultant
any suggestions?
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John HurstBusiness Consultant (Owner)Commented:
For things you wish to invoice, you need Items (Item List in QuickBooks).

I have an Item for Consulting Fees for example that contains the rate I charge and the sales taxes to be used. When I call up Consulting, I need only enter the number of hours. The rest is automatic and results in a line on an Invoice.

I have another Item for Reimbursable Expenses. This would have no rate and no taxes (included in the original bill for the costs). You enter a Bill for costs and the target account is Reimbursable Expenses. Use the Item to bill the expenses to the customer.

Capturing Meal and Mileage expenses is fairly straightforward. First, these are generally not billable to a customer. Second, the expenses get recorded in the appropriate expense account.

Here is how I do it:  I have a spreadsheet (one tab for each year) with one row for each client-day (sometimes more rows depending on expenses). I have columns for the date, the client, location, purpose, hours, total invoiced revenue (hours x rate), expense, expense name, expense account and mileage. Mileage x rate equals expense. More rows for parking, meals and miscellaneous expense.  

I summarize rows of expenses and hours at the right side using sumif statements.

At the end of the month, the revenue is a control to balance my invoicing and the expenses are used to create an expense Bill to reimburse me for mileage, parking and so on when the Bill is paid. The Bill automatically (after first setup) charges to costs to the correct expense account.

I do this all monthly. Quarterly is a bit too infrequent.

Create Invoices (which go to Accounts Receivable), send them out and collect money.

Create Bills for expenses (which go to Accounts Payable), pay them, which uses money.

Your ledger (in QuickBooks) needs Assets: Cash (bank), Investments, Accounts Receivable, Reimbursable Expenses, Fixed Assets, and Other Assets; Liabilities: Accounts Payable, Shareholder loans, Income taxes, and Other Liabilities; Equity; Revenue accounts, Expenses accounts and income taxes.

This should help a lot. If you are really new, you need a local accountant to help you.
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Tony GiangrecoCommented:
It sounds like QuickBooks would help you, although I recommend contacting a cpa that uses it and can set it up as you need.
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John HurstBusiness Consultant (Owner)Commented:
@jsarinana - Any feedback on my answer above?  If you are new to bookkeeping, you may need local assistance, but the answer above does cover the basics.
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jsarinanaAuthor Commented:
I created an Expense for milage and meals under Automotive Expense and un-checked  billable then use capture with owner's capital. this works just fine as long as I include in the description an data and invlice number to ref.
thanks
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John HurstBusiness Consultant (Owner)Commented:
@jsarinana - Thank you and I was happy to help you with this. I use QuickBooks for my own Corporate Accounts as well.
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