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QuickBooks Year End – 1099s

In the new versions of QuickBooks, the 1099 process is a bit different. One of the biggest changes is the inclusion of a 1099 wizard that walks you through the process of generating 1099s. The process is fairly simple, but you do want to be careful when processing these forms.

The wizard will start you out by having you select the vendors that are eligible for 1099s. If you have already marked your vendor as being eligible for 1099s, then they will be checked for you automatically here. Be sure to review the list in case a vendor was missed, though. As you can see from the screenshot, you simply check the vendors that you want to create 1099s for. It also shows you the accounts that the vendor has used. On the next screen, you have a chance to verify the vendors information, including their TaxID, Company Name, and Address. Making changes to the vendor record here WILL save the information back to your vendor list, so be warned if you don’t want to overwrite your existing information. The next step will allow you to select which box on the W-2 the amounts should go in. Most companies map their accounts to Box 7: Nonemployee Compenstation. Sometimes, though, you’ll need to omit some of the amounts based on the expense account selected. Reimbursed expenses are an example of this. Keep in mind that when you would need to have selected different accounts for the reimbursed expense. On the next screen, you’ll be given the opportunity to view excluded payments that were made by credit card, debit card, gift card, or PayPal. The banks will be supplying this information to the government, so there is not a need for you to include this on your 1099. If you don’t care about looking at these amounts, you can skip this step.

You’ll now get to see a summary of your 1099 information. You are still able to review the information and make changes if you desire. You can even zoom in on the report amounts to view the individual transactions just like a QuickBooks report. Finally, you’ll be able to print or E-File your 1099′s. If you print, you’ll need to make sure that you have pre-printed forms as the IRS does not accept forms on plain paper. There is a charge to E-File your forms, but you may be required to do so if you need to submit over 250 forms.

About Travis Trudeau

Travis has been a Consultant with Presti & Naegele since October 2007. He has worked with companies in a variety of industries, specializing in QuickBooks Point of Sale. An Advanced Certified QuickBooks ProAdvisor since 2008, he also has extensive knowledge of QuickBooks Financial software and third party integration solutions. Travis is an expert in QuickBooks SDK and creates various custom applications for his clients. Prior to working at Presti & Naegele, he worked for Intuit as a Technical Support Representative and was part of the advanced support team.In his spare time he does computer programming and is currently learning to develop for Appleā€™s iPhone and iPad devices.
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