I have in a bank statement that I am allocating amounts to accounts there is a debit amount and the description is reimbursement to one of the shareholders. so reading the guide I activated the Expenses claim tab and the billable expenses tab.
So in the expenses claim tab I enter a new one which account do I put it to the is it the billable expenses account?
Then I am not sure what to do with the debit in the bank statement if I allocate the debit in the bank statement to billable expenses account it ends up being double the debit amount
Never mind I just put it straight to the expense and noted it was to shareholder would of liked to show somewhere that the shareholder has done this in a report
Several points:
- Expense claims are not necessarily billable expenses, although they can be. An expense claim is for a business expense paid for by someone else, such as a shareholder. A billable expense is something purchased for a client that will be invoiced directly to the client and not appear in your profit and loss statement.
- If you import a bank statement that includes a reimbursement payment, then also enter an expense claim, you will of course double the debit to the expense account. Reimbursements of expense claims must be posted (per the Guide) to the Expense clains liability account for ordinary expense claims payers. In the case of capital account owners, the expense claim is posted directly to the capital account and no reimbursement is required.
- If you properly set up expense claims payers, you can use the Expense Claims Summary report.