Question

Journal Entries: Adding a Payee Name AND Project...

Forum|Forum|5 years ago
January 30, 2021
10 replies
39 views

Using Quickbooks Online Plus:

I am creating a Journal Entry, and need to attribute an expense to a project. This expense is a payment to a contractor.

I need to keep track of this expense per the individual so I can 1099 them, at the same time of costing it toward the project. If I use the Name for the project, I cannot code the expense to the payee.

Also, I cannot use Class, as i am already using that to differentiate "1099 Labor" or "Materials Only"

How can I turn on a "payee" field in Journal Entry? Or is there another way to do this?

HELP!

QuickBooks Online

RenjolynC

Level 9

Thanks for visiting us here, APHInvestments.

You can select a payee from the Name column when creating the journal entry. Please see this sample screenshot for a visual reference:

Once done recording the journal entry, you can map your 1099 by following Step 3 in this article: Create and file 1099s using QuickBooks Online.

To view other articles and guides in QuickBooks, you can visit our general help topics page.

If you need anything else, please feel free to reach out to me. I'll get back to you as soon as I can. Take care!

A

APHInvestmentsAuthor

Yes, that is correct, but if I use that drop down for the Payee, then how do I assign it to a Customer (Project)?

This is my dilemma...

L

Leenie719

Thanks for providing complete details on how to want to track your expenses, APHInvestments.

In QuickBooks Online, it's called "billable expense" when you want to incur a service to a customer. Check out this link for more details and how to use this workflow: Enter billable expenses.

I suggest consulting with your accountant first to check if creating a journal entry is the right process for you. If you don’t one, here's how to find an Accountant near you.

I've added these articles for future guide:

Stay in touch with me if there's anything else you need with tracking your transactions in QuickBooks. I'm always around to help you.

I have a similar transaction as APHInvestments. I've copied his post and made changes relevant to my specific transaction.

We sold a new construction house. Sometimes in our transactions, escrow pays our Contractor for services rendered on the project. When I get my HUD closing statement, I create a journal entry to input sales price, loan payoffs, interest paid, taxes paid, escrow and title fees, and misc expenses. One of those is paying our contractor (plumber in my case). I need to categorize that expense as an expense to the property, ie; Final Plumbing so I put it under the Name field as the PROJECT. All calculates well on the Project side... However, there is no way to address the actual payment to my contractor so I can track for 1099 purposes... or to close out the contractor's invoice. Any workaround?

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