Track business expenses for taxes
If you pay
business expenses for which you are reimbursed later (for example,
by your employer), you can create an asset account to help you
track these expenditures and your reimbursements.
- Click Banking, and then click Account
List.
- In the left pane, under Common tasks, click
Add a new account.
- Click Other account type, and then click
Next.
- In the list, click Other, and then click
Next.
- Click Track transactions and other details,
and then click Next.
- Follow the instructions to enter a name, date to begin
tracking, and beginning account balance for the asset account.
- Click Finish. The new account will appear in
your account list.
Tips
- When you pay for a business expense from one of your personal
accounts, enter the payment as a transfer from that account to the
asset account you just created. When you're reimbursed, enter the
deposit as a transfer from the asset account. For example, if you
spend $50 on reimbursable expenses using your credit card, enter
the $50 transaction in your credit card account as a transfer to
your Reimbursable expenses asset account. When your employer gives
you a check for $50, deposit it in your checking account, and then
record it as a transfer from Reimbursable expenses.
- At any time, you can see how much you're owed by looking at the
balance in your Reimbursable expenses account. After you are
reimbursed for all your expenses, the balance of the asset account
should be zero.
