I need to deduct money from subcontractors who don't have proper insurance coverage or a current contractor license. How do I handle that?
You can set up each Subcontractor account to track insurance coverage, and handle expired worker's comp, liability insurance and contractor or professional licenses.
To do that, follow these steps:
HINT: You can track expiration of any three items for your subcontractor-- it can be three types of insurance, or more than one type of license or registration. You can change the titles in the Insurance Setup window, if you'd like to track different items that what we suggest.
Paying Subcontractor Bills
If a subcontractor can't be paid now because of expired insurance, you'll see an X next to them in the list of subcontractors, and Goldenseal will not write checks for them.
If you are automatically deducting a percentage to cover insurance, Goldenseal will list the deduction as a line item in the itemized billing breakdown.
HINT: It's a good idea to get the subcontractor to list you on their insurance policy, so you'll be notified automatically if the insurance is cancelled.
Click here to return to Accounting Software topics.