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NonFinanceFolks
August 9, 2020
Question

reimbursement under banking tab

  • August 9, 2020
  • 1 reply
  • 0 views

Hi all

I have questions in regards to categorizing a reimbursement to an employee.

1)We have made a reimbursement to the employee for purchasing promotional gift cards on behalf thru e-transfer.  Since we have already reimbursed the employee-Under the banking transaction tab, how should we record this?  Can I categorize this as expense and put it under the category of Promotions expense.

2) Given that I have updated the banking transaction (from #1), Do i still need to create additional entries on this?(Other processes that i need to undertake) If so, how to do it and will this double count given that we have already recorded in question 1?

Thank you very much for your help on this!
Many thanks

1 reply

L
LauraAB
August 10, 2020

Hello NonFinanceFolks,

 

It's great to have you join us again and I appreciate the amount of detail you have here as well as the screenshot. I know recording these kinds of transactions can get a bit tricky and I'm here to help make sure you get the guidance you need.

 

For best practices on categorizing this kind of transaction, I recommend checking in with an accountant. They'll have the professional insight to ensure that you're recording things to the category you need while also letting you know about any additional transactions that you may need to make. Avoiding duplicating transactions or even amounts is key to balanced books, and it's important to me that you're able to accomplish that. Since you're adding it from the Banking feature, you should be okay with only this single entry, but it doesn't hurt to double check to make sure you're meeting the needs of your business.

 

QuickBooks Online's My Accountant tab can even help you connect with an accountant. It provides the option to invite someone you're already working with as a user to your account, which gives them the tools and access they need to work right in your books. You can also use the Find a pro to help button to browser our list of QuickBooks-certified accountants near you.

 

I hope this helps and that you enjoy the rest of your day!

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