Can I add a field to post the Gross amount or a royalty payment in addition to the Net amount?

tmiller225

I receive Net amounts after deductions from mineral royalty payments and those are posted as deposits. I would like to have a way of posting the Gross amount before deductions so that when I run year end reports I can verify the amounts shown on the 1099 forms.

Tom Young

You enter the net amount as a deposit into your checking Account and then "split" the deposit. 

The first entry in the split, a positive amount greater than the net amount, is the gross royalty and you'd assign that to whatever Category you wish like "Gross Royalty."  The second amount, a negative number, posted to an appropriate Category, brings the total amount back to the net you've already entered in the register.

Frankx

Hi @tmiller225

Yes, you should just record the entry as a split transaction. Here's what your entry should look like:


Let me know if you have any followups.

Frankx 

tmiller225

Thanks I see how to split the deposit to break down the entire royalty payment but how do I get those categories shown in a Quicken report?

NotACPA

tmiller225 said:

Thanks I see how to split the deposit to break down the entire royalty payment but how do I get those categories shown in a Quicken report?

By running a Transactions report with all 3 categories selected would be one way.

Frankx

Hi @tmiller225

You can run either a "Tax Schedule" report or a "Tax Summary" report.  To do that:

1) Go to "Reports" > "Tax" and select either "Tax Schedule" or "Tax Summary";
2) In the report > page down until you reach "Dividends" or "_DivInc" depending on how you catagorized the entries, and you should see the entries.

You can also modify the report settings to customize them by clicking on the "Gear" icon in the upper right of the report.

Frankx

NotACPA

@frankx your reply assumes that all 3 categories have tax lines assigned to them ... which is "facts not in evidence"