Other Income

I'm using Other income to record reimbursements. But the amounts always comes out in the Expense column. Then I have to move the amount manually into the income line.
I have checked the set up of this category and it says INCOME.

Comments

  • UKR
    UKR SuperUser ✭✭✭✭✭
    This may happen when you use the same Payee Name for both recording the reimbursable expense as well as the actual reimbursement.
    You should record the actual expense as, e.g., "Hilton Hotel", category = Reimbursable Empl. Expense, amount in the expense field.
    When your employer reimburses you, record it as "My Employer - Travel Reimbursements", category = Reimbursable Empl. Expense, amount in the income field.
    You now have two correctly defined transactions, one as expense, one as income. The income transaction offsets the amount you spent. If your employer fully reimburses you, it should reduce the total in the category to 0.00
  • NotACPA
    NotACPA SuperUser ✭✭✭✭✭
    I have an Asset type account (Banking type would work as well) named Receivables.  Both the disbursement and the repayment use that account ... so that they net to $0.  If the account balance is NOT $0, either I'm owed money, or I've made an error.
    When I reconcile this account, I match the expense with the repayments.  My account register is the report.
    And, by using an account rather than Income/Expense,  it properly shows as monies owed to me. 
    If I'm expecting a reimbursement, it's not truly an expense/income scenario.

    Q user since February, 1990. DOS Version 4
    Now running Quicken Windows Subscription, Business & Personal
    Retired "Certified Information Systems Auditor" & Bank Audit VP

  • djwopus
    djwopus Member
    Thank you UKR, I took your suggestion and it works just fine
This discussion has been closed.