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

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tmiller225
tmiller225 Member ✭✭
in Registers & Transactions (Windows)
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.

Answers

  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭
    edited March 2021
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    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
    Frankx SuperUser ✭✭✭✭✭
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    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 

                            Quicken Home, Business & Rental Property - Windows 10-Home Version

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  • tmiller225
    tmiller225 Member ✭✭
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    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
    NotACPA SuperUser ✭✭✭✭✭
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    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.

    Q user since February, 1990. DOS Version 4
    Now running Quicken Windows Subscription, Business & Personal
    Retired "Certified Information Systems Auditor" & Bank Audit VP

  • Frankx
    Frankx SuperUser ✭✭✭✭✭
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    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

                            Quicken Home, Business & Rental Property - Windows 10-Home Version

                                             - - - - Quicken User since 1984 - - - 
      -  If you find this reply helpful, please click "Helpful" (below), so others will know! Thank you.  -

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

    Q user since February, 1990. DOS Version 4
    Now running Quicken Windows Subscription, Business & Personal
    Retired "Certified Information Systems Auditor" & Bank Audit VP

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