Mileage expenses in standard reports

Hello, jacktjl.

I understand the importance of keeping track of your business miles and vehicle expenses so you have everything you need to calculate deductions when tax time comes around. I'll share some information on how this mileage feature works.

Importing and recording mileage expenses under the mileage tab or screen doesn't get reflected in the main account. This is only designed to keep everything in one place and tally the totals so you have everything you need to make tax deductions.

The profit and loss statement is a financial statement that summarizes the income, costs, and expenses incurred over a given period. You can create a reimbursement expense for you or your employee if you want the mileage expense to appear on your profit and loss report. I'll show you how.

Set up a vendor profile:

1. Go to the Expenses menu, then the Vendors tab.
2. Select New vendor.
3. Fill in all the vendor's information.
4. Once done, hit Save.

Set up a mileage reimbursement expense account:

1. Go to Settings ⚙ and select Chart of accounts.
2. Click New.
3. From the Account Type dropdown menu, choose Expenses.
4. From the Detail Type dropdown menu, select Auto or Travel.
5. Give the account a unique name that's easy to identify.
6. Once done, hit Save and Close.

Create an item for mileage reimbursement:

1. Go to Settings ⚙ and select Products and services.
2. Click New, then Non-inventory.
3. Enter your desired name for the item
4. In the Description section, select I sell this product/service to my customers. Then enter a description.
5. In the Sales price/rate field, enter the cost you pay for travel per mile.
6. In the Purchasing information section, select I purchase this product/service from a vendor. Then enter a description.
7. From the Expense account ▼ dropdown menu, choose the mileage expense account you just created.
8. Once done, hit Save and close.

Create a bill for the mileage reimbursement:

1. Click + New.
2. Select Bill.
3. From the Vendor ▼ dropdown menu, choose the vendor you created for mileage.
4. Select Item details to expand the section.
5. From the Product/Service dropdown menu, use the mileage item you created.
6. Enter or update the Description, Qty, Rate, and Amount as needed.
7. Select the applicable Tax.
8. Click the Billable checkbox if you need to make this a billable expense for a customer.
9. Once done, hit Save and close.

Record the payment for the Reimbursement expense:

1. Click + New.
2. Select Pay bills.
3. Choose the Payment account and the employee to reimburse.
4. Once done, hit Save.

For your reference, you can visit this article: Reimburse employees' mileage and vehicle expenses in QuickBooks Online.

In addition, you can connect your bank or credit card account if you want QuickBooks to automatically download your bank transactions: Connect bank and credit card accounts to QuickBooks Online.

Don't hesitate to post again if you need anything else. We're always available to help you.