Correcting Reimbursed expenses questions

[Michael DeBusk]

On 01/30/2010 02:13 PM, trythis wrote:

> Is there a way to apply existing accounts receivable to invoices?

Someone else will have to field that question, as I don't know the
business features. It seems to me, though, that Accounts Receivable is
what invoices are *for*.

> I know there is no inventory system, but I need to keep track of the
> items I expect to get paid for..Now that I think of it; I am really
> just loaning the client the money for the materials to begin with.

I think you should ask your tax attorney or accountant about that. The
IRS may agree with you, or it may assert that you're working with an
inventory. It's been 25 years since my tax accounting class. :)

After you find out how best to think about what you're doing, it'll be
easier to determine how to actually do it.

> Sorry, none of that should have been in payable.  The way I intended
> it was to keep it all in assets and I think that keeping it as
> Asset:Job Materials:ClientX (or no client at all) should work if I
> retun it to the store, sell it at cost, or for a profit.

I'll admit that if I were to call it an asset, I would call it my asset
(Assets:Job Materials rather than Assets:Job Materials:ClientX) and sell
it to the client at my cost. What I'd prefer, though, is to call it an
expense and have the client reimburse me. That said, I'm not running a
business... I just occasionally buy things for certain people and they
pay me back for them when I deliver.

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