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Accounting Coronavirus Q&A: Should I add a COVID-19 Expense Line?

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Question:  I’ve seen recently that business owners are being encouraged to add a COVID-19 expense line to track capital expenditures, time, etc so they have visibility to it in the instance of a government bailout, taxes, etc.

Accounting Team Answer:  That’s a good idea. If they already have a class system set up in QuickBooks (QB) they should create a separate class. If they don’t, they can use one GL code. Or, they can add a department if they have a more sophisticated system than QB.

 

DISCLAIMER – Due to the daily changing environment and guidelines being provided by the government, this information could be outdated. Please contact our office for the latest updates and guidelines. Optima Office is not responsible for any actions taken due to the information provided. The information provided here is for instructional purposes and does not represent legal advice being given by Optima Office.

 

 


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