Question

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

Forum|Forum|5 years ago
January 30, 2021
1 reply
17 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...

A

Anonymous

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?

Let me help you record the contractor's payment in QuickBooks Online, Leenie719.

You can link the payment in your Journal Entry with the contractor's bill so that it can be used for 1099 tracking purposes.

Here's how:

Sign in to your QuickBooks Online.
Hover your mouse to Expenses, then click on Bills.
Click on Add Bill, then choose Create Bill.
Choose the specific vendor which is your contractor.
Tap on Mark as paid at the upper right, so that you can choose the correct Journal Entry.
Then select the specific project in the Category details.
If it's all good hit on Save and Close.

Once done you can edit the Journal Entry. You can add the Accounts Payable, and the contractor name.

After that, create Pay bills to link it to your newly created journal entry. Doing this will reduce your total payables. Let me show you how to do it:

Click the + New button.
Select Pay bills.
Choose the bill you need to link to your journal entry.
Click Save and close.

For more information, checkout this article: Enter and manage bills and bill payments in QuickBooks Online.

Moreover, you can visit this link for future reference on how to handle bills to be paid later and bills to be paid immediately using bills, checks, or expenses: Learn the difference between bills, checks, and expenses in QuickBooks Online.

I'm all ears if there's anything else you need with tracking your transactions in QuickBooks. Don't hesitate to reach us. Stay safe always.

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