Contractors or Vendor or Both?
BBizSolution
Member Posts: 2
Hello, my client I am tracking in Wave has contractors that he will be paying this year but they also will be situations where they need to get reimbursed for out-of pocket expenses periodically. For this type of setup, can anyone advise on if I need to set up both a contractor and vendor record for an individual. The contractor would be to capture 1099 activity and the vendor would be for expenses (reimbursements)? Is this correct or would welcome input from anyone who can share ideas on most efficient way to setup so these can both be tracked correctly for each situation,
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Hey @BBizSolution . So to be clear, you should definitely have them set up as contractors to record 1099-MISC activity as this piece is very important. In regards to the reimbursements though, are these also being paid for through Wave's payroll or are you just looking to do the accounting for these?
Let me know.
AlexL, Thank you so much for your response and confirming the 1099 contractor portion of the question. Wave will be used for accounting only and the client will be reimbursing contractors from the business bank account via check.
Hey @BBizSolution !
To record a reimbursement successfully in Wave, feel free to check out this Help Center article for the correct workflow.