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How do I label an expense as billed to client or not?

Hello,

I am a small business owner and am considering using expensify. I'm sure this is a very basic question, but I haven't been able to find how to set this up.

Scenario: employee goes out for lunch and uses expensify to charge the meal to my company. Assuming it's a valid expense, it's going to follow one of two paths:
1. It is a lunch that we are paying for ourselves, and it will be reimbursed and entered in QBO in the "unreimbursed meals" account (reimbursed and unreimbursed meals are treated very differently for taxes in Canada, and so have to be tracked separately)
2. This is a lunch that will be billed to a client, so I want to:
a. approve the expense; and
b. have it charged to the Reimbursed Meals account.
c.I also want to automatically create a "Bill" in QBO, so that when I generate the invoice for the client at the end of the month it will present this expense to me for automatic addition to the invoice.
d. I also want to be sure that it specifies the currency of the expense somewhere in the name, so I can manually adjust it to USD if it was a non-USD expense (for reasons that aren't interesting in the present context, QBO does not have real multicurrency support, even though it has a feature called "multicurrency"!

The QBO integration I have been able to find seems to require me to specify a QBO account at the time I create the policy, but in this case I won't know which account until I approve the expense. Also, I don't see anywhere that it will let me specify that an expense will get billed to the client.

Please help?

Answers

  • Nicole TrepanierNicole Trepanier Posts: 235 Expensify Success Coach

    @danjonwig Are your "Reimbursed Meals" and "Unreimbursed Meals" accounts liability accounts that you are exporting to or a different type of account? Generally when working with billable expenses, we suggest exporting as vendor bills to an A/P account. As long as you've marked the expense billable in Expensify and selected a customer, it will export as a bill and the transactions will be available when you invoice your customer.

    Based on the category, you can also turn on the feature to track billable expenses as income in QuickBooks and select an income account for each GL account so that when categories are selected in Expensify, the expenses will post to the correct account.

    I totally feel you on the multi-currency support issue. Unfortunately, the limits you see in QuickBooks are reflected in our options for exporting multiple currencies as well. Check out this article on how the integration handles multi-currency.

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