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Will You Add? - How to Record Reimbursable Expenses in QuickBooks
When marketing a product or service, businesses find it difficult to set their prices. Too high, and no-one will buy, too low, everyone will buy, but you will go broke. So how do you set your prices?The basic principle of pricing is that you should set your prices as high as the market will allow. But what does that mean? (You may not decide to do this for other marketing reasons such as trying to buy customers, or offering an introductory price to encourage people to try a new product or service. But this should be a conscious strategic
Method 2 - The Expense Tab/Cost Account Method: Similar to Method 1, click the Expenses tab from the Write Checks or Enter Bills screen when entering an expense for a customer. Instead of selecting an expense account, select a COGS account. Then
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Method 1 - The Expense Tab/Expense Account Method: When recording an expense incurred for the customer, click the Expenses tab from the Write Checks or Enter Bills screen, select the appropriate expense account, select the appropriate customer, and do not check the column with the invoice icon above it. Save the transaction. You can now generate an invoice for the customer, and drop the transaction into the invoice after clicking the Time/Costs button.
Problem with this Method: Using this method causes the expense account to be credited when the invoice is generated for the customer. This lowers the expense account rather than increasing a sales/revenue account. The net result is the same for the bottom line, but this makes it impossible to determine a margin, and makes the expense account seem lower than it actually is.
Method 2 - The Expense Tab/Cost Account Method: Similar to Method 1, click the Expenses tab from the Write Checks or Enter Bills screen when entering an expense for a customer. Instead of selecting an expense account, select a COGS account. Then
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Problem with this Method: Using this method causes the expense account to be credited when the invoice is generated for the customer. This lowers the expense account rather than increasing a sales/revenue account. The net result is the same for the bottom line, but this makes it impossible to determine a margin, and makes the expense account seem lower than it actually is.
Method 2 - The Expense Tab/Cost Account Method: Similar to Method 1, click the Expenses tab from the Write Checks or Enter Bills screen when entering an expense for a customer. Instead of selecting an expense account, select a COGS account. Then
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Problem with this Method: Using this method causes the expense account to be credited when the invoice is generated for the customer. This lowers the expense account rather than increasing a sales/revenue account. The net result is the same for the bottom line, but this makes it impossible to determine a margin, and makes the expense account seem lower than it actually is.
Method 2 - The Expense Tab/Cost Account Method: Similar to Method 1, click the Expenses tab from the Write Checks or Enter Bills screen when entering an expense for a customer. Instead of selecting an expense account, select a COGS account. Then
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Method 2 - The Expense Tab/Cost Account Method: Similar to Method 1, click the Expenses tab from the Write Checks or Enter Bills screen when entering an expense for a customer. Instead of selecting an expense account, select a COGS account. Then
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Method 2 - The Expense Tab/Cost Account Method: Similar to Method 1, click the Expenses tab from the Write Checks or Enter Bills screen when entering an expense for a customer. Instead of selecting an expense account, select a COGS account. Then select the appropriate customer. Notice that the little invoice icon on the far right side of the screen does not appear.
Problem with this Method: It creates unbillable “Unbilled Costs.” These will show on the Unbilled Costs report, but when the Time/Costs button is clicked on the Invoice screen, they do not appear in that window. In other words, these will remain, forever, on the Unbilled Costs report ,and can never be dropped into a customer's invoice.
Method 3 - The Items Tab Method: Go to the Items list, and create a new Other Charge item. Click the box that says, "This item is used in assemblies or is a reimbursable charge." This sets up the item so it can be used effectively on the Write Checks/Enter Bills screen, and the Invoice screen. Fill in the item with the desired cost and revenue accounts, and other information as needed. If desired, an expense account can be used instead of a cost account, but note that a margin cannot be determined if done this way.
Then, when writing checks or entering bills for reimbursable expenses, instead of using the Expenses tab,
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