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Good afternoon!
I opened a transportation company. I hired owner/operators with their own equipment, so they are 1099 vendors in QuickBooks. Operators must pay a monthly insurance payment because they are under my company insurance so after I collect all payments from all operators, I make one final payment with the total amount to my insurance company. Question! How should I record these transactions in QuickBooks? If I make an invoice per operator to collect the monthly insurance QuickBooks is going to increase my yearly sales but is not actually a sale, it is only to collect the insurance money and make the full payment to the insurance company.
I will appreciate if you could help.
Hi Efren,
There are a few ways to record transactions to not affect Sales, e.g. using a Journal Entry.
It's only recommend to create a journal entry if you are confident with accounting or following the advice of your Accountant.
The instructions on how to do this are here and if you need to get in touch with one of our ProAdvisors for Accounting advice please see here
-Rebecca
Really helpful I appreciate your help
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