Morning!
I've started working with a client who does a lot of billable expenses. I see Xero has an Outstanding Billable Expense Report.
Further to some of the comments below, I think the issue is also the lack of intermediary journal entries.
Billable expenses are set up as inventory...
Dr Inventory - Cr Acc Payable
This will show what has not been rebilled.
When sales invoice raised...
Dr Cost of sales (billable expenses) - Cr Inventory
and of course
Dr Acc Receivable - Cr Sales and VAT
Xero only does the first and last, which means a monthly journal needs to be done to get the right balance in inventory.
I would think this is a really simple addition! Thoughts please...
George May
supported this idea
·
Morning!
I've started working with a client who does a lot of billable expenses. I see Xero has an Outstanding Billable Expense Report.
Further to some of the comments below, I think the issue is also the lack of intermediary journal entries.
Billable expenses are set up as inventory...
Dr Inventory - Cr Acc Payable
This will show what has not been rebilled.
When sales invoice raised...
Dr Cost of sales (billable expenses) - Cr Inventory
and of course
Dr Acc Receivable - Cr Sales and VAT
Xero only does the first and last, which means a monthly journal needs to be done to get the right balance in inventory.
I would think this is a really simple addition! Thoughts please...