Tracking Reimbursable Expenses from my Job

Chris18

How do I track expenses that are reimbursed by my employer using Qucken Premier 2019 for Mac?

How do I track the reimbursement check?  

UKR

Create a Category for Employer Reimbursable Expenses.

Record all your expenses into this category from your checking, credit card or cash accounts..

When you deposit the employer's check, categorize this into the same category, to reduce the accumulated amount.

UKR

Create a Category for Employer Reimbursable Expenses.

Record all your expenses into this category from your checking, credit card or cash accounts..

When you deposit the employer's check, categorize this into the same category, to reduce the accumulated amount.

Chris18

Thank you for your help!  

NotACPA

I actually suggest an ACCOUNT, rather than a Category ... because I believe that such gives you better visibility re: those transactions.  And you can readily see what's still outstanding.

Just be sure to regularly mark those re-paid expenses and the repayment for them as "Reconciled" ... just to keep the account "honest".  You can also choose, in that account, to only show "Unreconciled" items.

SO, the "R" in the CLR column means Reconciled ... I'm done with that expense.

An "c" in the CLR column means that I've submitted the expense for reimbursement, but haven't received it yet.

And a blank in the CLR column means that I haven't submitted it yet.

UKR

One thing I didn't mention when recommending a Category to use, is the possibility that some of these expenses might also be tax-deductible under Form 2106, if the employer does not fully reimburse the employee ... if that form still exists this year and if the expenses meet the qualification criteria for Form 2106.

And in that case, a bunch of Form 2106 - specific Categories would be better than an intermediate account ... which, of course, is a good alternative.

jacobs

I echo @NotACPA in suggesting creating an Account for work expenses. That makes is easy to keep a record and make sure everything is properly zeroed out.

When you make a credit card charge for a work expense, you record the transaction in your credit card account and instead of a Category, enter a Transfer to the work expense account. I also have an account for my cash, so it's the same thing if I have a work expense paid in cash: in the cash account, record the transaction, and use no category but make a Transfer to the work expense account. When you get a reimbursement check from work, you enter that in your checking account when you deposit the check, and once again, use a Transfer instead of a category. Periodically, you can reconcile your work expense account to make sure all your expenses are properly reimbursed.

NotACPA

UKR said:

One thing I didn't mention when recommending a Category to use, is the possibility that some of these expenses might also be tax-deductible under Form 2106, if the employer does not fully reimburse the employee ... if that form still exists this year and if the expenses meet the qualification criteria for Form 2106.

And in that case, a bunch of Form 2106 - specific Categories would be better than an intermediate account ... which, of course, is a good alternative.

In that scenario, when using an account, then you need to create a transaction in that Reimbursables account to the appropriate Category that has the Form 2016 tax line associated with it.

Thus, your Reimbursables account still "zeroes out", except for any transactions in the "c" or blank status in CLR.