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November 1, 2022
Question

expenses

  • November 1, 2022
  • 1 reply
  • 0 views

I have a general contractor that carries liability and work comp insurance for his subcontractors.

He withholds an amount each month from the first check that is issues to subcontractor.

How do I expense the insurance in the deposit window to reflect in subcontractor business?

example:  Gross due $5000 insurance ded $500  Net check amt $4500.  how do I correctly enter the $500?

1 reply

November 1, 2022

Hi SHERYL8871,

 

It's a pleasure to see you in Community.  Welcome!  QuickBooks Online has the features you need to successfully record and track your expenses.  However, in this situation, I suggest reaching out to an accounting professional for their expertise and best course of action.  If you don't have an accountant, we can help you locate a ProAdvisor in your local area.  

 

Please don't hesitate to reach back out with other questions.  We'd be happy to help!