Mileage Reimbursement

Paddy
Paddy Member ✭✭✭
edited February 2 in Budgeting and Planning Tools (Windows)

I get a mileage reimbursement deposited to my bank account. How do I create a category for mileage that is deposited as something other than income? I am using Quicken Premier.

Answers

  • UKR
    UKR Quicken Windows Subscription SuperUser ✭✭✭✭✭

    Do you have (and use) an Expense Category for deductible Mileage Expenses?
    If so, AFAIK, the reimbursement should be recorded as a refund to this Mileage Expense category.
    Check with your tax adviser on the correct gory to use, based on whether it's for charitable, business or property management expenses.

  • NotACPA
    NotACPA Quicken Windows Subscription SuperUser ✭✭✭✭✭
    edited February 2

    I have a "Receivables" asset-type account that I use for various monies that I'm owed.

    I distinguish one "owes me" source from another by using tags.

    When I receive the reimbursement, I show it as a deposit into checking (or card payment, as appropriate) and use that "Receivables" account as the transfer/source of funds.

    By using such an account (by any name) it's neither an expense nor income.

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

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