Greetings all.
New user here.. so I have a quick question.
My 1099 reported earnings are greater than what was actually received as they withheld some over the course of the year. How do you get your balance sheet to match your 1099 reported earnings?
Example.
Yearly Earning (in the bank- received) - $100,000
Reported earnings on 1099 - $115,000
Where should you put the 15k in qbo since you didn't physically receive it (and it will not be coming to you - ie the company issuing the 1099 is keeping it?) Should you establish an 'adjustment' bank account, do you just not put it in qbo since for tax purposes it goes off the 1099 and have the bank accounts match...or do you do something completely different? Just trying to understand how this all fits together on the balance sheet at the end of the year.
Thank you for your assistance.
