1 The above figures place the cost of the addition at $124 per square foot. 2  This pricing structure assumes that carpenters charge an average of $70 per hour, electricians between $65 to $85 per hour, and painters between $20 and $35 per hour.
Generally speaking, this field is what is used to capture the detailed explanation of the business reason behind the expenses that are included on the report. On expense reports that are created using the Business Expenses template, not all expenses on the report may be related to each other.
In general, IRS and GAAP requirements for reporting expenses by their functional classification are the same, although GAAP requires more detailed reporting than the IRS. The IRS requires that expenses be classified in one of three categories: program services, management and general or fundraising.