T5018 time of year — are you using QBO to prepare your subcontractor payments report?

It's that time of year when construction businesses that pay subcontractors need to think about their T5018 (Statement of Contract Payments) reporting to the CRA.

Are you extracting the data you need from QBO, or do you find yourself pulling it together manually from invoices and bank records? Is there anything in QBO that makes T5018 prep easier or harder?

For anyone who hasn't come across this before: if your construction business pays subcontractors more than $500 in a calendar year, you're required to report those payments to the CRA — so it's worth making sure your vendor records in QBO are complete and accurate before you start.