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This is for a property managment client.
QB desktop
For the first time, we have a new property managment LLC/company in QB desktop.
We will do payroll through it.
Guys will go out and do R&M and we will allocate expenses to R&M per property.
Then various Trusts will reimburse property managment company for R&M expenses, bringing the expenses to zero at year end.
As an example, we will pay Sam 2,000 split expenses to various properties (R&M $1,000 Made up Lane, $500 671 Fake Ave, etc.).
Then the various Trust will reimburse the managment company bringiing those expense to zero.
My question is at year end will Sam's w2/1099 be correct? We will be paying him 2,000 a payperiod (as an example), but all of the expenses will be zero.
Thank you!
Thanks for your inquiry regarding the impact of reimbursements to 1099, NameUser.
The effectiveness of this method depends on how you set up the payroll to pay the employee. To zero out an expense account, you need to create a reimbursement item. However, please note that the reimbursement item is non-taxable, meaning it won't reflect on payroll forms. For more information, refer to this article: Reimburse your employee in QuickBooks Payroll.
If you are unsure about the correct procedure, you may contact our payroll support team for assistance in correcting the W2 or 1099.
I'm also sharing this article to learn how to prepare your federal 1099s with QuickBooks Desktop: Create and file 1099s with QuickBooks Desktop.
You can always get back to this thread if need further assistance managing reimbursement or other concerns. We're always here to help.
Thanks for your responce.
Looking for more of a yes or no response, based upon the following:
My question is at year end will Sam's w2/1099 be correct? Yes or no?
See below for details. I dont need a referal to payroll.
Original post:
This is for a property managment client.
QB desktop
For the first time, we have a new property managment LLC/company in QB desktop.
We will do payroll through it.
Guys will go out and do R&M and we will allocate expenses to R&M per property.
Then various Trusts will reimburse property managment company for R&M expenses, bringing the expenses to zero at year end.
As an example, we will pay Sam 2,000 split expenses to various properties (R&M $1,000 Made up Lane, $500 671 Fake Ave, etc.).
Then the various Trust will reimburse the managment company bringiing those expense to zero.
My question is at year end will Sam's w2/1099 be correct? We will be paying him 2,000 a payperiod (as an example), but all of the expenses will be zero.
Thank you!
I appreciate you for getting back on this thread, NameUser.
I understand the importance of ensuring Sam's W2 or 1099 form is correct.
We're unable to confirm and verify the forms will be correct after performing the steps you've shared. To ensure you receive proper guidance, I recommend consulting an accountant. They are more knowledgeable in making sure your record is accurate. If you don't have one, you can use our Find-an-Accountant tool to look for an expert near you.
If you have any further questions or concerns, please don't hesitate to reach out to us. We're always here to help you out.
Thanks for your response.
Hoping for response from someone on this board who works in accounting.
My question is, ". . . My question is at year end will Sam's w2/1099 be correct?. . ."
Only seeking an answer to the question above. See my original post for context. Do not need any referrals.
Thanks.
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