Categorizing reimburseable mileage?


C

Copper

I currently have an asset account set up for reimburseable business
expenses. This allows me to run a monthly report that excludes these costs.
I don't know how to handle mileage reimbursent though. Since I get 40.5
cents a mile and it only costs me maybe 1/3 of that in gas . Is there any
way to categorize this so it is excluded completely as income or an expense?
 
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S

Scott Lindner

I currently have an asset account set up for reimburseable business
expenses. This allows me to run a monthly report that excludes these
costs.
I don't know how to handle mileage reimbursent though. Since I get 40.5
cents a mile and it only costs me maybe 1/3 of that in gas . Is there any
way to categorize this so it is excluded completely as income or an
expense?
I'll tell you how I handle that and decide if you like it or not. I don't
address the driving costs when I make the drive. Later, when I get my
reimbursement from the company it is intended to cover fuel, vehicle
depreciation, and maintenance. So I show it as a positive/deposit to the
Auto category but not to the subcategories since I don't really know the
break down and probably never will. That's the closest I've found to deal
with that situation.

I'm curious to hear how this works out for you. I might swipe some ideas.
:)

Cheers,
Scott
 
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M

Mike B

Copper said:
I currently have an asset account set up for reimburseable business
expenses. This allows me to run a monthly report that excludes these
costs. I don't know how to handle mileage reimbursent though. Since I
get 40.5 cents a mile and it only costs me maybe 1/3 of that in gas .
Is there any way to categorize this so it is excluded completely as
income or an expense?
Add some depreciation to your auto and some wear and tear (service) to the
account?
 

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