Is there a way to create work orders for independent contractors? Outlining the services needed, and pay per line item? I tested using the "create bill" feature, but it doesn't allow me to actually send it to the contractor that I can find. Ideally, I would create a work order for a contractor, send it to them prior to their completion of the work, and then edit it once they provide me with their actual invoice. Thoughts? I so want this to be the answer to my small business book keeping prayers!
Hey @FairSquare_Sarah !
I'm afraid that the functionality you are looking for is not supported by Wave at this time. I apologize for the inconvenience.
I'm in Canada and require generate a T4A for a contractor, but I didn't get his Social Insurance Number (SIN) nor email. This data is required to include like vendor in Wave. I can not get this data, I lost contact with that person and eventually I contract people once for a work of one day and I pay via e-transfer. I don't ask SIN number or address. only bank account to pay. Is it possible include this vendor in Wave without SIN nor e-mail??
Hi @tsmith !
If you do require a 1099-NEC form for companies, you are able to generate that in your Wave account, as long as you have an active Wave Payroll subscription. To get this started, please navigate to Payroll > Run Payroll in your Wave account, and complete your Payroll account setup.
Since you mentioned that you do not need to run payroll or pay your contractors through Wave, I would recommend using our Limited Access subscription, which comes at a lower cost but still gives you access to this tax form.
For more information, check out this Help Centre article on 1099-NEC forms.
To be able to generate a T4A for a contractor on Wave, their SIN and email do need to be entered. If you no longer have contact with this contractor, I would recommend speaking with an accountant to see what your options are, to ensure that this gets recorded and filed properly.
I'm trying to set up a payroll schedule to utilize direct deposit but confused on how to set it based on my circumstance. I want to pay approximately 40 independent contractors via direct deposit at the beginning of each month. The date I can create a vendor bill depends on when I reconcile reports from my customer. Typically I'm ready to create vendor bills by the 4th of the month, but again that can vary slightly. I then want to pay them via direct deposit ASAP after the bills are created. How would I configure that Pay Schedule?
Hey @tsmith , that would be correct, we only support the generation of 1099-NECs at the moment.
Hi @CraigDC , the pay date can be adjusted to whenever you want it to be, as long as you're taking into account that direct deposit does take 3 business days to process to your contractors' bank accounts. You'll want to set to a monthly frequency in this case as then you're only running your payroll once a month.
Is there a place to record a vendor's tax ID number for 1099 purposes? Can we add a place on the vendor file to record that number?
Hey @CG_89131 , when adding a contractor, we do ask you for either an ssn or ein. If your contractor is being paid as a business, you can enter in their EIN number. Please ensure that when adding a contractor you're selecting 1099-NEC Contractor instead of vendor.
Hi, my business has only independent contractors. I'm trying to set up payroll but I can't click the options for set up without inputting employee information, but I don't have any employees. I'd like to move forward to run payroll but I need a response from the help chat and have not heard back. Thanks! Kristy
I'd like set up a freelancer (contractor) in the system so it's easier to pay out the individual but what I'm confused about is the statement "If they are a contractor, instead of a regular vendor, make sure to mark them as a T4A contractor." What is a regular vendor vs. contractor? Just trying to understand when I should be marking them as a T4A contractor.
Can a vendor/subcontractor have deposits into 2 different bank accounts?
Hey @Kristy_Crabtree13 !
After doing some digging on the back end, I can see that one of our support agents assisted you with this via your ticket request. To clarify the support email, if you don't have any employees, you should be able to skip this section of the Payroll application.
Hello @DAT_eclipse !
To summarize, a regular vendor is a company that provides goods and services to your business (e.g. internet and utility providers). They don't require T4A slips.
Contractors on the other hand, perform a service for which you pay them and provide a T4A slip.
If you are unsure, I suggest reaching out to the vendor/contractor to confirm if they require a T4A slip.
Hi @HCC !
I'm afraid not. In Wave you can only have one of your vendors/contractors accounts on file for direct deposits at a given time. If they wish to allocate their funds into different accounts, they will need to do so manually.
If they wish to update their account on file, you can do this for them under Purchases > Vendors and select the vendor/contractor in question.
I have a payroll account and would like to pay our contractors, but when I create a bill, I do not see the option for "Subcontractor Services" in the Expense Category drop down. Do I need to create this manually or is there another way to categorize contractors?
Hey @M_Root !
If the pre-existing expense categories don't suffice for your bill, you can create new ones by heading over to Accounting > Chart of Accounts > Add a New Account. Feel free to learn more here.
I'm in Canada and I have several independent vendors (not T4A) that I need to pay. These vendors are incorporated and raise invoice every month.
How can I setup direct deposit to pay vendor bills?
If this feature is activated only when I setup payroll, how can I subscribe to payroll feature. My payroll setup says 100% setup (I added one employee because it wouldn't allow me to by-pass this), but I see no feature to pay vendor bills through direct deposit.