Optima Office Accounting Coronavirus Q&A: Should I add a COVID-19 Expense Line?
Jennifer Barnes, MBA
![Jennifer Barnes, MBA]()
Jennifer Barnes, MBA
??The Ultimate connector through thoughtful relationships. Speaks about finance, accounting, HR, business growth, and women in business. Trusted Advisor |Business Owner |Investor
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.
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.
Please let me know if you have any accounting or HR questions in regards to the COVID-19 situation. Optima is here to help! Contact us at [email protected] or 858-283-1234.
Bridging Traditional Finance & Tokenized Assets | RWA Liquidity & Luxembourg Tax Advantages
5 年I would assume this would be a legitimate deduction right?
Engineering Process Director | Optimizing Systems for Growth & Efficiency | Lean & Agile Advocate | Kaizen Mindset for Continuous Growth & Innovation
5 年Sean Neman
Exclusively Fiduciary Accounting for Trusts, Estates, Conservatorships, & Guardianships
5 年Good insight!
Managing Partner | Shareholder | Proactive Outsourced Risk Manager | Strategic & Innovative Business Partner | Proprietary Process to Reduce Your Total Cost of Risk & Increase Your Enterprise Value
5 年I agree this is a great idea. Gov’t could step in and provide coverage for business interruption claims. It’s a very fluid situation and preparation is key.