Booking of customer consulting salaries

To book customer consulting salaries in QuickBooks, you need to create an expense account for consulting salaries, enter expenses for the salaries paid to your consultants, and track the expenses. Here’s a step-by-step guide on how to do this:

  1. Set Up an Expense Account:
    • Go to the “Lists” menu and select “Chart of Accounts.”
    • Click “Account” at the bottom and choose “New” to create a new account.
    • Select “Expense” as the type of account and name it something like “Consulting Salaries.”
  2. Enter Expenses:
    • Go to the “Banking” or “Expenses” menu (the specific menu options may vary depending on your version of QuickBooks).
    • Click on “Enter Bills” or “Write Checks” to enter your consulting salaries expenses.
    • Choose the bank account or payment method from which you’re making the payment.
    • In the “Payee” field, enter the name of the consulting firm or individual consultant to whom you paid the salary.
    • In the “Category” field, select the “Consulting Salaries” account you created in step 1.
    • Enter the date, amount of the consulting salary, and any additional details, such as a memo or reference number.
    • Save the expense entry.
  3. Attach Receipts or Documents (Optional):
    • You can attach receipts or related documents to the expense entry for record-keeping and auditing purposes. QuickBooks allows you to upload and store documents.
  4. Track Expenses:
    • QuickBooks will now track your consulting salary expenses. You can view them in various reports such as the Profit and Loss statement and Expense Reports.
  5. 1099 Reporting (if applicable):
    • If you’re subject to IRS Form 1099 reporting for your consultants, ensure you have the necessary information for reporting, such as the Tax ID or Social Security Number of the consulting firm or individuals.

By following these steps, you can accurately book and track your customer consulting salaries in QuickBooks. Always consult with a certified accountant or tax professional to ensure you are categorizing expenses correctly and complying with local tax and accounting regulations. Additionally, QuickBooks may have undergone updates or changes since my last knowledge update in September 2021, so it’s a good idea to refer to the latest QuickBooks documentation or reach out to their support team if you have any questions or need assistance with specific features or issues.

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