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Subject Author Date
Reimburseable Customer Expenses Jacob 08-25-2007
Posted by Jacob on August 25, 2007, 12:47 pm
Please log in for more thread options
 : quoted-printable

Using QBP2004 and trying to use QuickBooks other than a =
"Spreadsheet"!!!!!!

1. Receive gas bill and pay total amount for two commercial properties =
in QuickBooks.
2. Send Customer (Commercial Business in same building) a copy of the =
original utility invoice with total amount due based on a fixed =
percentage (MS Word Invoice template not Quickbooks invoice).
3. Customer (Bank) deposits invoice amount automatically to landlord's =
Operating Checking Account which appears on the following months bank =
statement.
4. From the bank statement the Deposit processing procedure is used from =
QuickBooks:

Dr: 1120.1 Landlords Operating Checking Account
Cr: 5990.1 Other Revenue-Gas Reimbursements=20

This is fine until I found there were no adjustments to offset the =
revenue.
Thus far I have made General Journal entries through QuickBooks to =
accomplish the correct distribution.

Dr. 5990.1 Other Revenue-Gas Reimbursement
Cr. 6452 Gas Expense

Is there any other efficient way to process this type of transaction in =
QuickBooks?
I want to create an invoice for the commercial tenant (create an A/R) =
but still would have problems with the expense account and Other Income =
Account. My research thus far appears that I have to have the Other =
Income Account for reimbursements. There has to be a procedure not to =
have to make a journal entry to "wash out" the "Other Income Account-Gas =
Reimbursement" and adjust the true expense cost tp 6452 Gas Expense.

Would appreciate any comment.


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<DIV><FONT face=3DArial size=3D2>Using QBP2004 and trying to use =
QuickBooks other=20
than a "Spreadsheet"!!!!!!</FONT></DIV>
<DIV>&nbsp;</DIV>
<DIV><FONT face=3DArial size=3D2>1. Receive gas bill and pay total =
amount for&nbsp;=20
two commercial properties in QuickBooks.</FONT></DIV>
<DIV><FONT face=3DArial size=3D2>2. Send Customer (Commercial Business =
in same=20
building) a copy of the original utility invoice&nbsp;with total amount =
due=20
based on a fixed percentage (MS Word Invoice template not Quickbooks=20
invoice).</FONT></DIV>
<DIV><FONT face=3DArial size=3D2>3. Customer (Bank) deposits invoice =
amount=20
automatically to&nbsp;landlord's Operating Checking Account which =
appears on the=20
following months bank statement.</FONT></DIV>
<DIV><FONT face=3DArial size=3D2>4. From the bank statement the Deposit =
processing=20
procedure is used from QuickBooks:</FONT></DIV>
<DIV><FONT face=3DArial size=3D2></FONT>&nbsp;</DIV>
<DIV><FONT face=3DArial size=3D2>Dr: 1120.1 Landlords Operating Checking =

Account</FONT></DIV>
<DIV><FONT face=3DArial size=3D2>Cr:&nbsp;5990.1 Other Revenue-Gas=20
Reimbursements&nbsp;</FONT></DIV>
<DIV>&nbsp;</DIV>
<DIV><FONT face=3DArial size=3D2>This is fine until I found there were =
no=20
adjustments to offset the revenue.</FONT></DIV>
<DIV><FONT face=3DArial size=3D2>Thus far&nbsp;I have made General =
Journal entries=20
through QuickBooks to accomplish the correct distribution.</FONT></DIV>
<DIV>&nbsp;</DIV>
<DIV><FONT face=3DArial size=3D2>Dr. 5990.1 Other Revenue-Gas=20
Reimbursement</FONT></DIV>
<DIV><FONT face=3DArial size=3D2>Cr. 6452&nbsp;&nbsp; Gas =
Expense</FONT></DIV>
<DIV>&nbsp;</DIV>
<DIV><FONT face=3DArial size=3D2>Is there any other efficient way to =
process this=20
type of transaction in QuickBooks?</FONT></DIV>
<DIV><FONT face=3DArial size=3D2>I want to create an invoice for the =
commercial=20
tenant (create an A/R) but still would have problems with the expense =
account=20
and Other Income Account.&nbsp; My research thus far appears that I have =
to have=20
the Other Income Account for reimbursements.&nbsp; There has to be a=20
procedure&nbsp;not to have to make a journal entry to "wash out" the =
"Other=20
Income Account-Gas Reimbursement" and adjust the true expense cost tp =
6452 Gas=20
Expense.</FONT></DIV>
<DIV><FONT face=3DArial size=3D2></FONT>&nbsp;</DIV>
<DIV><FONT face=3DArial size=3D2>Would appreciate any =
comment.</FONT></DIV>
<DIV>&nbsp;</DIV>
<DIV><FONT face=3DArial =
size=3D2>&nbsp;</FONT>&nbsp;&nbsp;</DIV></BODY></HTML>

------=
Posted by Laura on August 25, 2007, 2:35 pm
Please log in for more thread options
 When you post the gas bill, click on the "billable" check box and enter the
customer:job ID in the appropriate box. This will pass the amount of the
bill onto the customer without using the income account. If they only pay a
portion of the bill put the remainder on a second line in the invoice.

When you create the invoice for the customer you will be prompted to enter
time & costs into the invoice.

When the customer pays via direct deposit, use the Receive payments screen
to apply the payment received to their invoice.

Call it my own pet peeve, but you would be better off using the QB tasks
instead of journal entries when dealing with customers and vendors. Its too
easy to forget to enter the customer or vendor on the JE. Next thing you
know, your A/P or A/R balances don't tie to the detailed ledgers.

Using QBP2004 and trying to use QuickBooks other than a "Spreadsheet"!!!!!!

1. Receive gas bill and pay total amount for two commercial properties in
QuickBooks.
2. Send Customer (Commercial Business in same building) a copy of the
original utility invoice with total amount due based on a fixed percentage
(MS Word Invoice template not Quickbooks invoice).
3. Customer (Bank) deposits invoice amount automatically to landlord's
Operating Checking Account which appears on the following months bank
statement.
4. From the bank statement the Deposit processing procedure is used from
QuickBooks:

Dr: 1120.1 Landlords Operating Checking Account
Cr: 5990.1 Other Revenue-Gas Reimbursements

This is fine until I found there were no adjustments to offset the revenue.
Thus far I have made General Journal entries through QuickBooks to
accomplish the correct distribution.

Dr. 5990.1 Other Revenue-Gas Reimbursement
Cr. 6452 Gas Expense

Is there any other efficient way to process this type of transaction in
QuickBooks?
I want to create an invoice for the commercial tenant (create an A/R) but
still would have problems with the expense account and Other Income Account.
My research thus far appears that I have to have the Other Income Account
for reimbursements. There has to be a procedure not to have to make a
journal entry to "wash out" the "Other Income Account-Gas Reimbursement" and
adjust the true expense cost tp 6452 Gas Expense.

Would appreciate any comment.



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