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June 28, 2024
Question

How do I record total income w/offset for expenses advanced that have been received? Expense booked in advance client costs & owner invest. pd on personal credit card?

  • June 28, 2024
  • 1 reply
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Client costs are booked to adv client costs and when income is received want to offset total income with the expense being reimbursed and showing as paid.  

1 reply

June 28, 2024

You can create a journal entry to record your total income while offsetting the expenses received. Since this process involves applying for accounts, I highly recommend seeking guidance from your accountant regarding the appropriate type of account to use. Let me guide you further, Las.

 

First, create specific accounts to categorize your transactions. This practice ensures that your financial records reflect your income and expenses accurately. Once done, here's how to create a journal entry:

 

  1. Go to the + New button.
  2. Select Journal entry.
  3. Choose appropriate accounts.
  4. Click Save and new or Save and close.

 

You can visit the Find a ProAdvisor website if you don't have an accountant. They'll also assist you in determining the accounts for debiting and crediting in the journal entry.

 

Additionally, you can check this article for additional insights about Debit and Credit: Debit vs. credit in accounting: The ultimate guide and examples

 

If you have other concerns about recording transactions and information within QuickBooks, don't hesitate to post them here. I'm ready to help you.