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#8
12-20-2005, 09:28 PM
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 Re: Business Expenses reimbursment, How to account it ? "Amit" <Amit[at]discussions.microsoft.com> wrote in message news:BE146201-4DED-434B-A004-F84275173AA7[at]microsoft.com... - quote - > I don't get it. Why isn't anyone following Money's own F1 help guide and
I do, but there's reason not to if you're reimbursed in a timely manner: the> creating an asset account called "Reimbursable Expenses," then > transferring > the expenses in and out of there as they're reimbursed? It's such an > elegant > solution, and it keeps your Reports clean too. net amount after reimbursement will remain as an expense. |
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#7
12-20-2005, 05:39 PM
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| RE: Business Expenses reimbursment, How to account it ? I don't get it. Why isn't anyone following Money's own F1 help guide and creating an asset account called "Reimbursable Expenses," then transferring the expenses in and out of there as they're reimbursed? It's such an elegant solution, and it keeps your Reports clean too. |
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#6
11-17-2005, 11:47 AM
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| Re: Business Expenses reimbursment, How to account it ? I don't have any of the associated categories in the budget and they don't get there from scheduled items since there aren't any. As to reports, it's an effect I understand, so I don't worry it. My employer does throw it in the direct deposit stream. Agreed, the negative expense is one way to handle it. But the expense, once entered anywhere as anything, will still propagate into certain reports, et al. The FAQ I was going to write was "I had some [kind of income]. Won't recording that screw up my Money tax data? Won't Money think it's taxable?" "harrelsonesq" <harrelsonesq2[at]yahoo.com> wrote in message news:%23$g6tKz6FHA.1188[at]TK2MSFTNGP12.phx.gbl... - quote - > It's the same as the rebate one. > Is it income or negative expense? If you call it income, it messes up your > reports, budget, etc., even with the tax/nontax box checked. > That's what the Job Expense:Reimbursed category is for, and the > reimbursement is a negative of the same, right?. > Or, you cam fill out separate deposit slips.  Unless your employer is> lazy and puts it on your paycheck, which will mess up automatic splits for > months ;p > Susan > "Dick Watson" <littlegreengecko[at]mind-enufalready-spring.com> wrote in > message news:OE4L5Br6FHA.3416[at]TK2MSFTNGP15.phx.gbl... > > I think I need to write a FAQ... |
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#5
11-17-2005, 03:52 AM
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| Re: Business Expenses reimbursment, How to account it ? It's the same as the rebate one. Is it income or negative expense? If you call it income, it messes up your reports, budget, etc., even with the tax/nontax box checked. That's what the Job Expense:Reimbursed category is for, and the reimbursement is a negative of the same, right?. Or, you cam fill out separate deposit slips. Unless your employer is lazyand puts it on your paycheck, which will mess up automatic splits for months ;p Susan "Dick Watson" <littlegreengecko[at]mind-enufalready-spring.com> wrote in message news:OE4L5Br6FHA.3416[at]TK2MSFTNGP15.phx.gbl... - quote - > I think I need to write a FAQ... |
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#4
11-17-2005, 03:39 AM
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| Re: Business Expenses reimbursment, How to account it ? If you have to account for all your expenses, and get reimbursed only for those expenses you report, it's not taxable. If you get a fixed amount, without having to account for how much of it you spent, the whole thing is taxable. Susan "Chris Cowles" <NoSpam[at]For.me> wrote in message news:%23au33gn6FHA.2816[at]tk2msftngp13.phx.gbl... - quote - > "harrelsonesq" <harrelsonesq2[at]yahoo.com> wrote in message > news:eSK2yIn6FHA.1000[at]tk2msftngp13.phx.gbl... > > No, don't use an income category, or it will go in your reports as > > taxable! Accountable expenses aren't subject to taxes. > > > I use a negative expense. There's one already there -- Job > > Expense:Reimbursed. You don't need to create your own. > > > Job Expense:Reimbursed and their reimbursements should zero out over a > > year. Job Expense:Nonreimbursed is deductible, if you have enough of > > them, so be sure to use it whenever it applies. > If you get a per-diem and your expenses are less than the per-diem, is > that not income? |
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#3
11-16-2005, 12:20 PM
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| Re: Business Expenses reimbursment, How to account it ? Not all income is taxable. Check how the category is setup to determine how Money will treat it in tax reporting and tax estimating. I think I need to write a FAQ... "harrelsonesq" <harrelsonesq2[at]yahoo.com> wrote in message news:eSK2yIn6FHA.1000[at]tk2msftngp13.phx.gbl... - quote - > No, don't use an income category, or it will go in your reports as > taxable! Accountable expenses aren't subject to taxes. |
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#2
11-16-2005, 05:37 AM
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| Re: Business Expenses reimbursment, How to account it ? "harrelsonesq" <harrelsonesq2[at]yahoo.com> wrote in message news:eSK2yIn6FHA.1000[at]tk2msftngp13.phx.gbl... - quote - > No, don't use an income category, or it will go in your reports as
If you get a per-diem and your expenses are less than the per-diem, is that> taxable! Accountable expenses aren't subject to taxes. > I use a negative expense. There's one already there -- Job > Expense:Reimbursed. You don't need to create your own. > Job Expense:Reimbursed and their reimbursements should zero out over a > year. Job Expense:Nonreimbursed is deductible, if you have enough of them, > so be sure to use it whenever it applies. not income? |
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#1
11-16-2005, 04:54 AM
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| Re: Business Expenses reimbursment, How to account it ? No, don't use an income category, or it will go in your reports as taxable! Accountable expenses aren't subject to taxes. I use a negative expense. There's one already there -- Job Expense:Reimbursed. You don't need to create your own. Job Expense:Reimbursed and their reimbursements should zero out over a year. Job Expense:Nonreimbursed is deductible, if you have enough of them, so be sure to use it whenever it applies. Susan "Dick Watson" <littlegreengecko[at]mind-enufalready-spring.com> wrote in message news:uDZyKpl6FHA.2384[at]TK2MSFTNGP12.phx.gbl... - quote - > See http://umpmfaq.info/faqdb.php?q=36. > If you use good categories, you can weed this out from you own > spending/income. It won't be completely transparent as these categories > will show up in reports and what not but you can customize them out if it > suits your purposes. I use Job Expense:Reimbursable, Job > Expense:Unreimbursable, and Other Income:Job Expense Reimbursement. > "chamuko" <chamuko[at]discussions.microsoft.com> wrote in message > news:54F2D566-795C-4D15-821F-A7E8358DD58C[at]microsoft.com... > > I've got Money 2001 > > > Can anybody tell me how to account/treat Reimbursed Business Expenses ? > > This > > is the scenario I've got: I travel a lot and spend from my own check > > account > > and the company Credit Card as well; eventually deliver my expense > > account > > and get the refund from my employer directly to my checking account. > > > How can I account this transaction (refund to my checking account) so it > > does not get mixed with my personal spending ? > > > Thanks |
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11-16-2005, 02:03 AM
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| Re: Business Expenses reimbursment, How to account it ? See http://umpmfaq.info/faqdb.php?q=36. If you use good categories, you can weed this out from you own spending/income. It won't be completely transparent as these categories will show up in reports and what not but you can customize them out if it suits your purposes. I use Job Expense:Reimbursable, Job Expense:Unreimbursable, and Other Income:Job Expense Reimbursement. "chamuko" <chamuko[at]discussions.microsoft.com> wrote in message news:54F2D566-795C-4D15-821F-A7E8358DD58C[at]microsoft.com... - quote - > I've got Money 2001 > Can anybody tell me how to account/treat Reimbursed Business Expenses ? > This > is the scenario I've got: I travel a lot and spend from my own check > account > and the company Credit Card as well; eventually deliver my expense account > and get the refund from my employer directly to my checking account. > How can I account this transaction (refund to my checking account) so it > does not get mixed with my personal spending ? > Thanks |
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#-1
11-15-2005, 11:24 PM
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| Business Expenses reimbursment, How to account it ? I've got Money 2001 Can anybody tell me how to account/treat Reimbursed Business Expenses ? This is the scenario I've got: I travel a lot and spend from my own check account and the company Credit Card as well; eventually deliver my expense account and get the refund from my employer directly to my checking account. How can I account this transaction (refund to my checking account) so it does not get mixed with my personal spending ? Thanks |
| Tags |
| account, business, expenses, reimbursment |
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