How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Robert M. Your Own Question
Robert M.
Robert M., Consultant
Category: Financial Software
Satisfied Customers: 3181
Experience:  30 yrs. of computer experience in financial and marketing departments.
Type Your Financial Software Question Here...
Robert M. is online now
A new question is answered every 9 seconds

I use quickbooks online to do my own book keeping and before

Customer Question

I use quickbooks online to do my own book keeping and before I file my taxes I want to make sure I have certain transactions categorized correctly.1. Our primary income comes from commissions we received from the companies we acquire customers for (sales), I currently categorized it as INCOME-OTHER PRIMARY - INCOME - COMMISSIONS, is this correct?2. Our company pays for equipment se use to instal in a customer once sold, then we get reimburse for it. As far as the expense goes I currently have it categorized as COST OF GOODS SOLD - SUPPLIES & MATERIALS COGS, is this correct?3. Our Company primarily uses subcontractors for work (sales, installs, customer service) 80% of them are in the US so we do file 1099 the other 20% are outside the us and will never be working in the us so we don't need to file 1099 for them. Currently I have them categorized as SUBCONTRACTORS - COST OF LABOR, is this correct our for all of them?4. Our company paid out a loan all principal no interest was charged how will I categorized this?These are the 4 set of transactions I need help to categorize correctly.Thanks,
Submitted: 2 years ago.
Category: Financial Software
Expert:  Stephen G. replied 2 years ago.

The first 3 items appear fine to me and I don't think you will have any issues concerning them.

As far as the 4th item is concerned, you'll need to give me some additional detail. I don't know exactly what you mean by that your company "paid out a loan"? Do you mean you lent money to someone? If so, who did you loan the money to? Or do you mean that you repaid a loan the company had? Please give me additional information.

Customer: replied 2 years ago.
We repaid a loan a company had.
Expert:  Stephen G. replied 2 years ago.

"a" company? What does that mean?

How much was the payment for & why was it paid?