Reimburse Owner for Damage to Property (Loss)

September 29, 2023

Q: Our employee damaged a project site of a property owner who was not our client. She paid for the repair and we are reimbursing her for the expense. How do I record this in QuickBooks so the loss (expense) is charged to the project?

A: The loss was incurred by your employee but an agreement between the owner and your company was to reimburse the loss to the owner. This expense should be recorded as an Other Expense Account “Property Loss (Owner)”.

Gita Faust

About the Author

Gita Faust has over 30 years of accounting experience in the real estate and property management industry, Gita Faust is more than just a real estate investor; she is also popular for her work as an accountant, consultant, mentor, speaker, QuickBooks Top ProAdvisor, QuickBooks Solution Provider, member of Intuit’s Trainer/Writer Network, and, of course, author. Gita is well-known for her exemplary leadership and advisory skills. In fact, she even helped pioneer the adaptation of QuickBooks to suit the needs of professionals in real estate and property management. To share her knowledge she has written a series of courses titled Simplified Accounting Solution, which provides step-by-step guidance for those working with QuickBooks.

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