I won a short term government contract with a county agency and was required to establish a LLC (Limited Liability Company).
The contract agrees to reimbursed for certain expenses, including fuel and the articles of incorporation filing fees (with the Secretary Of State).
I'm using GnuCash software to handle the accounting. When submitting an invoice for reimbursement of fuel expenses, this program requires the funds to be posted to an Income Account or Liabilities:Credit Card.
QUESTION: When invoicing expenses eligible for reimbursement, what is the correct account? Is this considered income/revenue?
Please help,
Thanks in advance for your time and expertise,
Douglas
The contract agrees to reimbursed for certain expenses, including fuel and the articles of incorporation filing fees (with the Secretary Of State).
I'm using GnuCash software to handle the accounting. When submitting an invoice for reimbursement of fuel expenses, this program requires the funds to be posted to an Income Account or Liabilities:Credit Card.
QUESTION: When invoicing expenses eligible for reimbursement, what is the correct account? Is this considered income/revenue?
Please help,
Thanks in advance for your time and expertise,
Douglas