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July 17, 2024
Question

How to categorize reimbursement income from officemate for shared expenses?

  • July 17, 2024
  • 1 reply
  • 3 views
I am on account for internet. Officemate on for electric bill. 

1 reply

Rainflurry
Level 11
July 17, 2024

@mskerritt-lcsw-g 

 

Did you recorded the entire internet bill as an expense when you paid it?  If so, when you receive the reimbursement, assign the same utility expense account you used for the bill to the deposit.  That will lower your internet expense by the amount of the reimbursement.  When you pay your share of the electric bill.  Assign the utility expense account you use for electric to the payment made to your officemate.