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hcsfinance
April 29, 2024
Question

Reporting an expense that is not an expense

  • April 29, 2024
  • 1 reply
  • 0 views

My apologies for the ignorance. On our budget, a certain dollar amount for a vehicle purchase has been allocated, however the actual purchase has not occurred and may not occur. That said, I still want to reflect on the income statement the expense account increasing as of the purchase occurred. I realize its simply asset moving, however I want the income statement to show the monies were spent (moved to a holding account). 

1 reply

K
KayePe
April 29, 2024

We appreciate you for posting here in the Community space, @hcsfinance. Let me provide information to understand your expense that has not occurred and may not occur.


Please note that the amounts won't appear on your income statement, they will be seen in the Profit and Loss or Balance Sheet report. As you shared the purchase didn't happen, then it won't show up on the actual report. We advise you to record a transaction as soon as it occurs. However, if you want to demonstrate the movement of that certain amount, you can run an Actual vs Budget report or use a wash account to record the actual purchase. For proper handling of your associated accounts, it is best to consult your accountant to assist you with this.


If you don't have an accountant to help you manage your accounts, you can find one in this article: Find a ProAdvisor.


On the other hand, if you want to learn more about running reports in QBO to analyze your account data, you can check out the following links for assistance:
 

 

If you have any more concerns, please don't hesitate to reach us again. Have a good day!

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