1099 Independent: If the business paid a 1099 Independent contractor’s bill then the contractor paid the business back and that money was deposited into the bank how is that categorized?
“taken out of the contractors credit card payout totals”
Like this:
Pay the cost as Other Expense.
Create the payment to the contractor as Gross. Then, use a Negative entry Split to the same Other Asset account to show this holdback is Repayment of that earlier loaned amount. Now you have captured their […]
Resolution for '1099 Independent issue: 'If the business paid a 1099 Independent contractor’s bill then the contractor paid the business back and that money was deposited into the bank how is that categorized?' available: Yes.
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