Payment made to a subcontractor in Quicken Home, Business and Rental Pro

CIncygirl100

What category do I assign a payment made to a subcontractor in Quicken Home, Business and Rental Property?

Frankx

Okay, then I'd suggest that you post the payment to a category that relates to the type of work performed AND that you Tag it to the individual.

On the first point - "a category that relates to the type of work performed" - if the person repaired the electrical wiring - you would post it to "Repairs" or perhaps "Repairs - Electrical", or something similar.  If the payment was to add a new bedroom to the property - you would post it to "Property - Improvements" and so on.

On the second point - You should create a Tag for every contractor that you use (for example a tag could be: "Ted Smith".  To create a tag - go to:
 "Tools" > Tag List > "New Tag" (at the bottom of the screen) - and fill in the Name, Description and if you have one property enter "1" in the "Copy number" field.

Then when you make a payment to Ted you should add a "Ted Smith" tag to the payment.  This will allow you to know the total amount of payments made to each contractor for 1099-NEC preparation at the end of the year.

Let me know if you have any questions.

Frankx

That depends on what the payment was for and on how you track payments in your Quicken instance.  Since the payment was to a "subcontractor" it could be for almost anything. And given that you are using Q Home, Business, & Rental Property it could apply to any of those areas.

In general, the fact that the payment was to a subcontractor - as opposed to a more "direct" payment - isn't all that relevant UNLESS you have a specific reason.  For example - you need/want to record those payments in a way that will allow you to issue 1099 forms at the end of the year (e.g. for a unincorporated subcontractor., you might need to issue a 1099-NEC form - for non-employee compensation).

CIncygirl100

Yes I will need to issue a 1099.

Frankx

Okay, then I'd suggest that you post the payment to a category that relates to the type of work performed AND that you Tag it to the individual.

On the first point - "a category that relates to the type of work performed" - if the person repaired the electrical wiring - you would post it to "Repairs" or perhaps "Repairs - Electrical", or something similar.  If the payment was to add a new bedroom to the property - you would post it to "Property - Improvements" and so on.

On the second point - You should create a Tag for every contractor that you use (for example a tag could be: "Ted Smith".  To create a tag - go to:
 "Tools" > Tag List > "New Tag" (at the bottom of the screen) - and fill in the Name, Description and if you have one property enter "1" in the "Copy number" field.

Then when you make a payment to Ted you should add a "Ted Smith" tag to the payment.  This will allow you to know the total amount of payments made to each contractor for 1099-NEC preparation at the end of the year.

Let me know if you have any questions.