Skip to main content
H
Housesitter
November 8, 2023
Question

How do I make the transferred money to Venmo for contractors - show in expenses?

  • November 8, 2023
  • 1 reply
  • 0 views

Hello All

 

I transfer money to Venmo and pay my housesitting contractors after each sit. This is an expense, labor costs. It shows in Transfers not Expenses in my P & L. How do I get them to show in Expenses?

I pay myself as a contractor and it shows as expense.

 

Thanks, Housesitter!

    1 reply

    M
    MelroseV
    November 8, 2023

    Welcome to the Community, @Housesitter.

     

    I assure you I can help you on how to make your labor cost expense appear in your P&L report.

     

    Based on the details you've provided, the transfer was recorded in two ways:

    • Check > affecting Venmo under the Category details
    • Transfer > Transfer Funds To Venmo

    If you've created either of those two transactions, you'll have to create a separate Check or Expense affecting the Labor cost.

     

    Follow these steps to show your expense in your P&L report; make sure when making a transaction it must be the correct account type:

     

    1. Click + New, then select Check.
    2. Enter the details needed to provide.
    3. In your Category, enter Contract labor. Just make sure the Contract labor is under the expense account type.
    4. Click Save and close.

     

    To double-check if it's appears in the P&L report:

     

    1. At the left navigation panel, click Reports.
    2. Select Profit and Loss.
    3. Under the Accounting method, click Cash.
    4. Click Run report.

     

    Once done, you can see this in your P&L report.

     

    To make the most of your financial reports, you can personalize and customize them according to your preferences.

     

    You can always ask your question here by hitting the Reply button or starting a new thread. Stay safe!

     

    H
    HousesitterAuthor
    November 10, 2023

    Thank you QB Community for your help.

     

    I followed the directions listed above - but didn't find on the P&L sheet after corrections.

    I then went to Expenses - Vendors - And edited all my contractors who were listed here.

    I am now trying to get Contract Labor under Expenses.

    J
    JamaicaA
    November 10, 2023

    You're always welcome to get back to us, @Housesitter. I'm here to provide additional information on obtaining contract labor.

     

    There are a few reasons why the Contract Labor is unavailable in the P&L sheets. It might be because of the incorrect category details or report customization.

     

    To verify, let's go to your Chart of Accounts and locate the Contract Labor to review the assigned account. As the P & L summarizes revenues and costs, therefore, it should be under Expense. Otherwise, it will not show.

     

    However, if you've designated the correct account and it's not visible, review the report period and filters. 

     

    Furthermore, you may find it in the Balance Sheet if it's under the assets, liabilities, and equity accounts. In this case, create a different one for labor and track it under the Expense account. This way, you can manually correct the existing transactions from the other account.

     

    Here's an article about the importance of setting a list of all the accounts: Learn about the chart of accounts in QuickBooks Online.

     

    Once done, check out these guidelines to digest the differences between workers and their taxes:  

     

     

    If you still need assistance after looking over these details, just let me know. I'm only a post away if you need me. Have a great day! 

    Terms & ConditionsAccessibility statement