Prepare and file 1099s in QuickBooks Online Plus Subscription

Prepare and file 1099s in QuickBooks Online Plus Subscription
QuickBooks Help for filing 2016 1099-MISC forms.
From the article:
We’ve created this guide to help you prepare, distribute, and file 1099-MISC forms for your vendors.

  • See 1099 checklists and deadlines
  • Prepare and file 1099s in QuickBooks

Thank you for your business in 2016. Here’s to a successful new year in 2017! ….


 

FREQUENTLY ASKED QUESTIONS
Question: How to run 1099 Vendor Summary Report in QBO Plus?

Answer: Unfortunately, there is no such built-in report yet available in any QBO plus.
The workaround is to run Vendor Transaction Details Report and filter select vendors (who you think should get 1099s) from the report but that many not determine who should actually get a 1099-MISC based on such transactions.

Refer to these articles and also consult your Accountant.


 







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How do I create a Profit and Loss Report by Month for entire last year

New Redesigned report format (still in QuickBooks Labs):
From the home page screen, go the left navigation bar and select Reports
Go to report (search field) and type Profit and Loss
Run the regular Profit and Loss Report
Under “Report period” tab, select “Last year” (or report period as you need it)
Under Display columns by tab, select “Months” columns
Run Report

See screenshot below.

profit-and-loss-by-month-redesigned

 

Old Report format:
From the home page screen, go the left navigation bar and select Reports
Go to report (search field) and type Profit and Loss
Run the regular Profit and Loss Report
Click “Customize” button (top left corner)
Select Transaction Date to “Last Year” (or report period as you need it)
Under Rows/Columns, select “Months” columns
Run Report

See screenshot below.

profit-and-loss-by-month-old

Optional: Click “Save Customization” button at top right corner, if you want to make it your pwn memorized report under “My Custom Reports” tab.

 
Other Option

From the home page screen, go the left navigation bar and select Reports
Select “All Reports” tab
Select “Business Overview” tab
You may also see the “Profit and Loss by Month as new report

See screenshot below.

profit-and-loss-by-month-new

 





Why mark it billable to a customer and select “track returns for customers” box on a bank deposit

This has to do with reflecting accurate direct expenses related to customers on Income by Customer Report.

If you are depositing a vendor/supplier refund for an expense that was previously Billed to a customer, select “Track returns for customers” box and choose that same customer on the deposit and mark it Billable.

For example, if you buy a material for a customer’s job, you would bill the expense to the customer. But if the customer later returns the material to you and you return it to the vendor/supplier for a refund that you are depositing, you need to mark the deposit billable to that same customer and also select “Track returns for customers” box. Otherwise, it will show as customer billed for the material expense, and the vendor credit will not appear on Income by Customer Summary Report.


 





 
Here is an example of what happens when $1,000 billable purchase returned to the supplier for a refund and deposited that money in the bank. The goal is to show zero expense related to that customer.

SHOWING RESULT WITHOUT BILLABLE AND RETURNS FROM CUSTOMERS

deposit without billable-and track returns for customers
deposit without billable-and track returns for customers
income by customer summary without billable track returns from customers
income by customer summary without billable track returns from customers

SHOWING RESULT WITH BILLABLE AND RETURNS FROM CUSTOMERS

deposit with billable and track returns for customers
deposit with billable and track returns for customers
income by customer summary with billable track returns from customers
income by customer summary with billable track returns from customers

 
WATCH VIDEO
QuickBooks Online Plus: Track returns for customers box on Deposit Form


 





 

Converted to a new accounting system from QBO. What QBO data do I need to keep in the event of an audit?

Here is a list of reports I recommend to have it on record (export to excel, or save as pdf) before canceling the QBO subscription:

  1. General Ledger (All Dates). Depending upon the file size limits, it may need to be downloaded in batches.
  2. Trial Balance by Fiscal Year Ending
  3. Bank Reconciliation Reports (for last three months)
  4. A/R Aging Report
  5. A/P Aging Report
  6. Open Invoices to match A/R Aging Report
  7. Open Bills to match A/P Aging Report
  8. Profit and Loss by Fiscal Year
  9. Balance Sheet by Fiscal Year Ending
  10. Sales Tax Liability Report (+ Taxable Sales Detail and Summary)
  11. Contact List (Vendor and Customer)
  12. Chart of Accounts

Note: Even after QBO cancellation, you will still have access to company file for a year. Just make sure the account is canceled, not suspended.

What are the specific reports available with the Simple Start version of Quickbooks Online

First, Simple Start plan may be the best value for the bucks if your business just needs to sync bank accounts to the QuickBooks, categorize transactions to generate the Profit and Loss report; and there is no need for Accounts Payable feature.

These are the built-in standard reports available in Simple Start plan as of December 30, 2015.

simple start reports
simple start reports

Business Overview:

  • Profit and Loss by Month (NEW)
  • Quarterly Profit and Loss Summary (NEW)
  • Profit and Loss
  • Balance Sheet
  • Statement of Cash Flows
  • Audit Log

Notice there is no General Ledger (GL) report on the list. If you think you need this valuable report added to future revision, you should send them your feedback to Intuit developers.
From the home page screen > Company Gear (upper right corner) > Your Company > Feedback > Post Your Own Idea

Review Sales:

  • Sales by Customer Summary
  • Sales by Product/Service Summary
  • Product/Service List
  • Customer Contact List
  • Estimates by Customer
  • Deposit Detail

Manage Accounts Receivable:

  • Customer Balance Summary
  • A/R Aging Summary(1)
  • Collections Report
  • Invoice List
  • Statement List

(1) TIP: Notice there is no A/R Aging Detail report on the list. From A/R Aging Summary report > click grand total amount link under “TOTAL” column. It will take you to the A/R Aging Detail report. The only difference with plans is you can’t customize this report.

Review Expenses and Purchases:

  • Transaction List by Vendor
  • Vendor Contact List
  • Check Detail

Notice there is no A/P Aging Summary report listed because there is no Accounts Payable (A/P) feature in Simple Start plan.

Manage Sales Tax:

  • Taxable Sales Summary
  • Sales Tax Liability Report

Manage Employees:

  • Employee Contact List

Manage Payroll:
(Once you are subscribed to the Intuit Payroll service, you may also see the following reports)

  • Time Activities by Employee Detail
  • Recent/Edited Time Activities
  • Payroll Summary
  • Payroll Tax Liability
  • Payroll Tax Payments
  • Payroll Billing Summary
  • Payroll Details
  • Employee Details
  • Payroll Tax and Wage Summary
  • Workers’ Compensation
  • Total Payroll Cost
  • Payroll Deductions/Contributions
  • Paycheck List
  • Total Pay
  • Vacation and Sick Leave
  • Retirement Plans
  • Multiple Worksites
  • Employee Directory

Accountant Reports:

  • Account List
  • Reconciliation Reports
  • Journal
  • Profit and Loss
  • Balance Sheet
  • Exceptions to Closing Date
  • Statement of Cash Flows
  • Transaction List by Date
  • Recent Transactions

These are additional reports available with QBO Accountant version.

  • Adjusted Trial Balance (Accountants Only)
  • Adjusting Journal Entries (Accountants Only)
  • Profit and Loss Comparison (Accountants Only)
  • Balance Sheet Comparison (Accountants Only)

TIP: From Accountant version, you can UNDO bank reconciliation. Check out our article and how-to video.

My Custom Reports
You can customize many of the built-in reports and make it your own reports. Set up to automatically distribute by email. Awesome!

Management Reports
Professional set of ready-to-use management reports as prepared by accounting firms. Also, an ability to add additional built-in reports to the management reports. You can’t automate the reports at this time.

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