Question

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

Forum|Forum|5 years ago
January 30, 2021
10 replies
35 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...

MaryLandT

Level 10

Let me clarify:

We are selling a home. Sometimes in our transactions, escrow pays out 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. I need to categorize that expense as a Repair expense to the property, 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...

Side note, for our 1099 Contractors, I use Classes to determine "MATERIAL ONLY" or "LABOR ONLY". If they provide me with receipts, then the MATERIAL ONLY classes are filtered out in 1099 calculation. Having said that, I cant use CLASSES as a way to fix my issue.

I'm assuming QBO wont be adding a Payee column any time soon, so what is the work around I can do to show the amount in BOTH the repair costing of the PROJECT, as well as to the PAYEE?

Thank you all for your help!

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.

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