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lreardon
October 21, 2021
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Billable Income Account

  • October 21, 2021
  • 1 reply
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In my organization, we often use the billable function to create billable expenses and record them as income on invoices. Before QBO, we used QuickBooks Desktop, which required a different income account for each expense account in which we had billable transactions. QBO thankfully does not require this.

 

Right now, in our company settings, 'Track billable expenses and items as income' is checked and 'In multiple accounts' is also selected. What would happen if I selected instead 'In a single account'? Will this change be effective only for transactions marked billable today and forward? Or will this retroactively affect billable items already recorded in the multiple income accounts previously set up in QB Desktop?

Best answer by Mark_R

Your confusion ends here, @lreardon.

 

Allow me to fill you in on everything you need to know about the Billable Expense feature in QuickBooks Online (QBO).

 

Setting up the billable expenses into a single account option isn't retroactive. Thus, the changes will only apply to the newly created transactions and forward. You'll want to go through each transaction with multiple income accounts and make the changes.

 

I'm adding this article to learn more about the feature: Enter billable expenses.

 

You might want to run a report that shows all your billable expenses. You can pull up the Uninvoiced Charges report.

 

Our doors are always open to help you again if you need more help with the billable expense feature. Have a pleasant day ahead.

1 reply

M
Mark_RAnswer
October 21, 2021

Your confusion ends here, @lreardon.

 

Allow me to fill you in on everything you need to know about the Billable Expense feature in QuickBooks Online (QBO).

 

Setting up the billable expenses into a single account option isn't retroactive. Thus, the changes will only apply to the newly created transactions and forward. You'll want to go through each transaction with multiple income accounts and make the changes.

 

I'm adding this article to learn more about the feature: Enter billable expenses.

 

You might want to run a report that shows all your billable expenses. You can pull up the Uninvoiced Charges report.

 

Our doors are always open to help you again if you need more help with the billable expense feature. Have a pleasant day ahead.

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