How-to: Reimbursements
Need to get reimbursed and wondering how to handle it in Solo? We've got you covered!
Are you a Solmate who buys bits and pieces for your clients? Need to get reimbursed and wondering how to handle it in Solo? We've got you covered! 💡
First things first, you'll need to set up two categories:
👉 Tap More > scroll down to Categories > tap on All Categories > then create two new categories:
📌 Reimbursement Expense (set as an Expense category)
📌 Reimbursement Income (set as an Income category)
Make sure both are marked as N-T for the tax code, this part is super important.
Next step is to add it all into Solo then get that invoice out!
Imagine you’re a virtual assistant for a hairdresser and you need to buy a $100 hairdryer for your client. Here’s what you’ll need to do:
1️⃣ Purchase the hairdryer and record the $100 payment under "Reimbursement Expense."
2️⃣ You then invoice your client for $100, categorising it under "Reimbursement Income."
3️⃣ Once your client pays the invoice, everything balances out, and it’s effectively cleared.
We always recommend double-checking with an accountant though, just to make sure everything correct for you specific needs 😊