QB Issue Resolution:

What he referred to is the difference between actual cost and standard mileage deductions on your tax form, not in your books.   Keep track of actual expenses, maybe group them under an umbrella parent expense account for ease of tracking and know the difference of when which way you can switch between methods.

 

https://turbotax.intuit.com/tax-tips/self-employment-taxes/standard-mileage-vs-actual-expenses-getti…

 

Resolution for Issue 'Hello Currently using QBO Simple Start & QBOP Full, S-Corp Status Some quick background I only provide a Service and I invoice my client for only 2 items. Labor and Expenses. Labor I track to Sales and Expenses are tracked to Billable Expense Income. (I believe this to be correct) The expenses are comprised of things like mileage, air travel, car rental, lodging etc. along with a daily meal per diem. These expense items are invoiced as a lump sum but detailed in a separately submitted expense report to my client. This detailed expense report start by being submitted to the Company by the Employee (owner) for reimbursement. The Company then invoices the Client per report. Here are my questions : From a Company standpoint, how would these details be tracked? I would think, working off the employee expense report, there would need to be three categories tracked . Travel, Travel Meals (for tax reasons) and Mileage. Both Travel and Travel Meals would be Expense Accounts but the Mileage would be tracked with QBO “Mileage” feature. Sound Correct? To reimburse the Employee (owner) I have been requesting a transfer within my personal account in the exact amount of the expense report which shows up on the Company bank statement as a Debit. This debit is then tracked to Reimbursable Expenses in the account. Should I be doing this a different way for accounting/tax purposes? Your Help is Greatly Appreciated!' available: Yes (Solved).
Source: Intuit Community forum.

Hello Currently using QBO Simple Start & QBOP Full, S-Corp Status Some quick background I only provide a Service and I invoice my client for only 2 items. Labor and Expenses. Labor I track to Sales and Expenses are tracked to Billable Expense Income. (I believe this to be correct) The expenses are comprised of things like mileage, air travel, car rental, lodging etc. along with a daily meal per diem. These expense items are invoiced as a lump sum but detailed in a separately submitted expense report to my client. This detailed expense report start by being submitted to the Company by the Employee (owner) for reimbursement. The Company then invoices the Client per report. Here are my questions : From a Company standpoint, how would these details be tracked? I would think, working off the employee expense report, there would need to be three categories tracked . Travel, Travel Meals (for tax reasons) and Mileage. Both Travel and Travel Meals would be Expense Accounts but the Mileage would be tracked with QBO “Mileage” feature. Sound Correct? To reimburse the Employee (owner) I have been requesting a transfer within my personal account in the exact amount of the expense report which shows up on the Company bank statement as a Debit. This debit is then tracked to Reimbursable Expenses in the account. Should I be doing this a different way for accounting/tax purposes? Your Help is Greatly Appreciated!: this issue or error code is a known issue in Quickbooks Online (QBO) and/or Quickbooks. Support for this issue is available either by self-service or paid support options. Experts are available to resolve your Quickbooks issue to ensure minimal downtime and continue running your business. First try to resolve the issue yourself by looking for a resolution described below. If it is a complex issue or you are unable to solve the issue, you may contact us by clicking here or by using other support options.

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