[GNC] payees and memos

[Adrien Monteleone]

Yeah, the Business route might be a bit of effort. It works well when you have the same entities you are dealing with over and over. That might be the case with service providers, lenders, management companies, etc.

I’d opt for using Description for the ‘event’ and put the individual payees in the memos.

But depending on your real-world transaction situation you might be able to use Description for Payee.

I always try to model the real-world as closely as possible.

So even though you *can* combine separate transactions (even if they all happen at once) it might be best not to for tracking/reporting purposes.

If you can make a transaction to reflect the shift in assets from fixed to cash, *then* make separate transactions to each payee, that might be closer to what you are looking for when it comes time for reporting.

Even if that was technically a single transaction (probably not really) then this might be an acceptable time to split it up so things are easier to see and follow and report on.

How you do this is a matter of personal preference. (and what is required for your legal/taxing jurisdiction)

Regards,
Adrien

> On Jan 10, 2020 w2d10, at 2:32 PM, buddy0 <buddytaylor0 at gmail.com> wrote:
> 
> I have been using the convention to put the Payee in the Description field.
> 
> I know this is an old thread, but I want to follow up to see if there is any
> advice for how to handle Payee for split transactions with multiple entries
> having different "payees". (For example, a house closing transaction.)
> 
> I use "payees" in an ad-hoc way to see how much I've paid to various
> entities and specifically one per yer to check if I need to send any 1099s.
> 
> The only work around I can think of is to use the Memo field for the payee.
> Or perhaps even the action field. Has anyone done that? Any other ideas?  
> 
> I tried going down the Vendors/Business route once, but it seemed to be a
> lot of work and overkill for my small, part time, real estate rental
> business. 
> 
> Regards,
> -buddy