Monday, June 6, 2011     17:19

Reconciliation Accounting

Confirm 1099 information for vendors

Confirm 1099 information for vendors, Accounts Payable Clean up vouchers and voucher distribution

Confirm that you have recognized all vendors or contractors that must receive 1099 forms by running the QuickBooks 1099 detail report. In the report, check the following:

  • Confirm that all of your 1099 vendors or contractors are registered. You might require to change the status of some vendors or contractors that are current marked as "No" in the Eligible for 1099 column.
  • Check that all transactions have remained correctly assigned to 1099 accounts. Note you might allocate multiple accounts to each 1099 tracking box.

For each 1099 vendor or contractor, approve that you have the accurate tax identification number and that the address info is existing.

Set Up a 1099 Vendor

  • To set up a vendor as a 1099 vendor:
  • From the Lists menu, choose Vendor List.
  • Choose the vendor for whom you want to file 1099-MISC forms.
  • Click the Vendors menu button, and choose Edit.
  • At the Address Info tab, make sure the vendor's address comprises the two-letter state contraction and the zip code.
  • If the vendor is a person, the vendor's legal name must appear in the First Name, M.I., and Last Name fields
  • If you know the company name but not the person's name, leave the Company Name field blank to evade double names on the 1099-MISC form.
  • Click the Additional Info tab.
  • Select the "Vendor eligible for 1099" check box; enter the vendor's tax identification number.
  • Click OK.

Set Up A 1099 Account
To set up an account as a 1099 account:

  • From the Edit menu, choose Preferences, and then select Tax: 1099.
  • Select the Company Preferences tab.
  • Click yes, for "Do you file1099-MISC forms?”
  • Choose an account or accounts to subordinate with the 1099 categories for which you report amounts to the IRS.

a) Click the Account column and choose an account from the drop-down list.
Or
b) For more than one account, choose Selected Accounts from the list and place a checkmark next to each of the accounts you want to use.

  • Click OK.

The accounts you select must be the same accounts you use to track payments related to your 1099 vendors. An account can belong to only one 1099 category.
Verify 1099 Data
1099 Detail Report

  • This report benefits you confirm the information that QuickBooks prints on the 1099-MISC tax form. It offers more detail than the 1099 report.
  • For each vendor, the report lists the individual transactions that pay to the vendor's 1099 total. The totals themselves appear in the Balance column.
  • The report originally shows only the vendors quantified as 1099 vendors. To list all vendors in the report, irrespective of their 1099 status, choose All Vendors from the 1099 Options drop-down list in the report button-bar.
  • Likewise, the report originally shows only transactions allocated to 1099 accounts. To list transactions that might have remained assigned mistakenly to non-1099 accounts, choose All Allowed Accounts from the 1099 Options drop-down list in the report button-bar.
  • To go directly to one of the transactions listed, double-click the transaction.
  • To create this report
  • From the Reports menu, choose Vendors & Payables and then 1099 Detail.

 

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