An owner wants to split the revenue between themselves and an independent contractor (paying out every 2 weeks) – can you do this and if so, how do you do it in QBO? A business owner wants to split ( 50% ) the business revenue with an independent contractor. They want the IC to be paid every 2 weeks, so 25% of their “share” of 50%. Should I create an IC Expense account and create check payments that pull from Gross Income? If so, how do I technically do it?

QB Issue Resolution:

This was asked twice, also on the Accountant’s Community, and answered there:

https://accountants-community.intuit.com/questions/1799858-an-owner-wants-to-split-the-revenue-betwe…

 

 

There is no Gift here. There is no Other Equity Owner here.

 

This is either Commission, as Splitting the operational results; or Payment for Services as Contractor Labor.

 

The concept is fine, but do it Right per the tax regulations.

 

I will close where you also asked it, so it isn’t in Both Places.

Resolution for Issue 'An owner wants to split the revenue between themselves and an independent contractor (paying out every 2 weeks) – can you do this and if so, how do you do it in QBO? A business owner wants to split ( 50% ) the business revenue with an independent contractor. They want the IC to be paid every 2 weeks, so 25% of their “share” of 50%. Should I create an IC Expense account and create check payments that pull from Gross Income? If so, how do I technically do it?' available: Yes (Solved).
Source: Intuit Community forum.

An owner wants to split the revenue between themselves and an independent contractor (paying out every 2 weeks) – can you do this and if so, how do you do it in QBO? A business owner wants to split ( 50% ) the business revenue with an independent contractor. They want the IC to be paid every 2 weeks, so 25% of their “share” of 50%. Should I create an IC Expense account and create check payments that pull from Gross Income? If so, how do I technically do it?: this issue or error code is a known issue in Quickbooks Online (QBO) and/or Quickbooks. Support for this issue is available either by self-service or paid support options. Experts are available to resolve your Quickbooks issue to ensure minimal downtime and continue running your business. First try to resolve the issue yourself by looking for a resolution described below. If it is a complex issue or you are unable to solve the issue, you may contact us by clicking here or by using other support options.

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