Skip to main content
A
adelarks
March 8, 2023
Solved

How to record accountant's fees

  • March 8, 2023
  • 1 reply
  • 0 views

Gosh, i don't find QuickBooks at all clear at times. So sorry if this is a simple and dumb question.

My accountant charges me a monthly fee for doing my end of year accounts/coproration tax, so when i pay this, how should this be recorded in Quickbooks. He told me to put it down as "accounting" and add 20% VAT. But in QuickBooks there is nothing that says "accounting" Is it an expense or something else? Or do i create a new category under expense? 

And yes, i could ask him, but given that was the response i wanted to check with experts here. 

 

Thanks. 

Best answer by GeorgiaC

Hi adelarks, thanks for your post - you're on the right track! The chart of accounts in QuickBooks Online is entirely customizable, meaning if you don't see one that fits you can simply create a new one. To do this, click the Cog > Chart of accounts > New > Select 'Expenses' or 'Other expenses' on the Account Type drop-down > choose a Detail Type > Rename > Set the default VAT code. You can then select this account in the 'category' field when entering the expense. 🙂

1 reply

G
GeorgiaCAnswer
March 8, 2023

Hi adelarks, thanks for your post - you're on the right track! The chart of accounts in QuickBooks Online is entirely customizable, meaning if you don't see one that fits you can simply create a new one. To do this, click the Cog > Chart of accounts > New > Select 'Expenses' or 'Other expenses' on the Account Type drop-down > choose a Detail Type > Rename > Set the default VAT code. You can then select this account in the 'category' field when entering the expense. 🙂

    Terms & ConditionsAccessibility statement