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Quicken Classic for Windows
Business and Rental Property Tools (Windows)
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?
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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.
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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.
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