I am brand new to QuickBooks. I have a consulting business and the clients pay for my travel. I need to invoice a client for reimburseable travel costs. How do I post the payment when received so it does not show as an expense to my company?
When you create the invoice, you'll have an item called TRAVEL. When you set up that item, you will point it to the incomce account you want. Your Invoice will look like this...
Consulting Service Item ---> Points to Income Account
Travel Item ----- > Points to Income account.
Total of Invoice.
An Accounts Receivable is the other side of the entry when you create an invoice. This A/R is an asset on your Balance Sheet. When they pay you money for this service (called RECEIVE PAYMENT in QB), you are trading one Asset account for another. In other words, you are trading the Accounts Receivable (an asset) for Cash in the bank (another Asset).
Hope this helps! If so, please mark Solved. If not, just ask more questions. Thanks so much.
Debbie
