I am converting from quickbooks to Manager. My question is…how do I track subcontractor payments that result in a 1099 at the end of the year? I know they are just payments but in quick books when I write a check, I can run a report and see what I paid that vendor at the end of the year.
We have been with Quickbooks for 18 years so have lots of history. I was able to import from my bank transactions back to 2019. I can start with chart of Acct balances and work forward categorizing each expense. Should I start at the beginning 2019 and reconcile a month at a time? I don’t find any business tutorials.
With bank imports this is trivial as Manager tries quite hard to ensure you don’t change imported amounts.
In practice I create a reconciliation entry for each period end. Mostly as a place to attach the bank statement to facilitate third party auditing. But it is also a check at period close and also against later edits.
Set your subcontractors up as suppliers. Enter their invoices as purchase invoices. Then create a Supplier Statement (Transactions) report at year’s end. Or just drill down through the Accounts Payable account and read subtotals off the screen.
All your importing work is unnecessary. Read the Guides about starting balances.
it gives you all the relevant history in Manager enabling generation of comparative reports and identifying trends going forwards.
Past summary reports can be compared between Manager and QuickBooks to facilitate understanding of their similarities and differences.
With bank import and bank rules I found it was not that hard once I had started.
It also provides the opportunity to hone the bank import rules and get a good understanding of what they can and can’t do.
Indeed not importing any history is faster way of getting started with Manager. You just set the starting balances based on the start of this financial year rather than 2019.