QuickBooks Accounting - The first thing you must do is tell
QuickBooks that you will be issuing 1099s. Click on Edit (from the menu bar),
then Preferences. Scroll down until you find the picture that says "Tax:
1099" and click on it. On the Company Preferences tab, answer yes to the
question about the issuance of 1099 forms, and then follow the rest of the
instructions on this screen.
Next,
you'll need to identify those vendors who are eligible to receive a 1099. Click
on Vendors, then Vendor List. Double-click on the first vendor in the list,
then the "Additional Info" tab. In the lower left hand corner, put a
check mark in the box that says “vendor eligible for 1099” and enters their tax
ID number they have provided. Repeat this process for any vendors that need to
receive a 1099.
Finally,
to run the 1099's and related information, click on Reports, then Vendors, then
any of the 1099 reports. Verify the data, correct if necessary, and print your
1099's all within QuickBooks.
It's important to review this topic with your
accountant to ensure you are collecting the proper information and preparing
the 1099 forms correctly for your business. For
no obligation free consultation contact us today!
612-282-3200 Toll Free (866)
936-0430
