Paying Contractors
bkonia
Member Posts: 1
I have a couple of feature requests pertaining to paying contractors.
When customers pay us for our service, a portion of that payment is a direct pass-through to a contractor who performs the actual work at a later date. Therefore, instead of recording the entire payment as income, we split the payment between sales and a liability account. When we later pay the contractor, we charge the liability account for the payment.
I'd like to be able to use Wave's 1099 features to keep track of our tax reporting and make direct deposit payments from Wave, but currently it's not possible for a couple of reasons:
The only way to pay a contractor is to create a "Bill". This would complicate our accounting, as we'd have to record the entire payment amount from the customer as income, then create a bill (additional step) to convert a portion of the income to a liability and expense.
We need to pay our contractors as soon as the work is completed, not wait for the next monthly payroll. Currently, there's no way to do this, since contractor payments are only processed when you run payroll.
Therefore, I'm requesting the following:
Allow us to pay contractors directly, without creating a bill. In our case, when creating a payment, we'd charge it against the liability account.
Allow us to pay contractors on-demand, instead of having to wait for the next payroll.