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May 3, 2024
Question

IS IT POSSIBLE TO CREATA AN ACCOUNT FOR NON DEDUCTIBLE EXPENSES SO THAT THE EXPENSES ARE DETRACTED FROM P AND ?

  • May 3, 2024
  • 1 reply
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IS IT POSSIBLE TO CREATE AN ACCOUNT FOR NON DEDUCTIBLE EXPENSES SO THAT THE EXPENSES ARE DETRACTED FROM P AND  L ?

1 reply

JoesemM
May 3, 2024

Yes. It's possible to create an account for non-deductible expenses, l-spotorno. Allow me to share the details on how to set this up in QuickBooks.

 

You can create an expense account and name it as Non-Deductible in the Chart of Accounts. However, this is still part of your Profit and Loss report since it summarizes the total income and expenses of your business at a specific time.

 

To create an expense account, follow the steps below:

 

  1. Go to Gear icon ⚙ and select Chart of accounts.
  2. Select New.
  3. Enter an Account name (Non Deductible Expenses)
  4. Select Expenses as the Account type, and then choose the Detail type from the dropdowns.
  5. Fill in the necessary information needed for the expense account scroll down to see more boxes and details to be filled in.
  6. Once done, click Save.

 

For more details about the process, open this article: Add an account to your chart of accounts in QuickBooks Online.

 

Upon sharing the steps above, I'd recommend consulting your accountant. They can guide you on how to handle your non-deductible expenses to ensure your book is accurate.

 

Also, for more details about personalizing the details of your report and save the current customized settings, please see these articles: 

 

 

If you have any other concerns with creating an account for your expenses, please let me know in the comment section below. I'm always around happy to lend a helping hand.