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Old 12-29-2017, 06:08 PM
Vivid Lizard Vivid Lizard is offline
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Join Date: Dec 2017
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Tracking Numerous Employment Jobs

I've got what I think is an unusual situation... I'm a freelancer in the entertainment industry running it all through a sole proprietorship business. Most of my work is as an invoicing contractor, but some jobs require me to be employed by the production company for the length of the job (they take taxes out, etc.). The invoicing part is easy in Quickbooks, it's what it's made for. Easy Peasy. What I'm trying to do is also "track" those employed jobs in Quickbooks to keep tabs on who has paid me or not.

When I do get paid by them the money goes directly into our personal (not business) checking account, while invoiced items go into our business checking account. I could just try and track them via a paper or excel ledger I guess, but since I work in Quickbooks anyway, it sure would be nice to see at a glance who has paid or not without it messing up my regular business financials. Any ideas on this?

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Old 12-29-2017, 11:08 PM
Lorin Browning Lorin Browning is offline
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Location: Landrum SC
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The income you would track is the gross payment not just the net amount of the paycheck. That amount is a credit to a revenue account.

The following, all debit entries, should equal the credit entry for the amount earned via payroll: For jobs paid through a payroll check, you would have a debit entry to the bank account where you deposited the check; a credit entry for each of the following: Federal withholding, state withholding, Medicare withheld, Social Security withheld. It is possible that there are other amounts withheld, some of which would be posted to an expenses account -- for example, SAG dues. It is also possible that other withholdings are for things paid on your behalf by the employer. Where to post such things depends upon why there are being withheld.

In other words, your earnings are greater that the checks deposited.

Remember that the gross payment is a credit to a revenue account. The rest is entered as debit entries, either to the bank or to the appropriate assets accounts and expense accounts. And the debits should equal the credits.

Since transactions of this type deal with your professional earnings, I suggest they should be entered into the appropriate QuickBooks categories. Doing as suggested above would not be messing up your "regular business" financials. Your current QuickBooks financials are already messed up because you are not entering all of your earnings.
Lorin Browning, Ph. D.
Fellow -- National Tax Practice Institute

Last edited by Lorin Browning; 12-31-2017 at 05:50 PM.
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