Q: I run a real estate brokerage managing properties for banks which are later on sold. We pay utility and repair expenses to maintain the properties. How should I account for the utility bills and for the reimbursed expenses from the banks?
A: To track REO’s reimbursed expenses in QuickBooks, create a bill or check to pay for the expense account. Click the billable box for the expense items.
Then, create an invoice to bill the bank and select the expenses.
This will allow you to track accounts receivable – which bank owes you money.