How do you set up multiple accounts for 1099 MISC Box 7 in Quickbooks Online

You can select “Multiple accounts” to report in Box 7 on the 1099Misc. You should see that option with the Prepare 1099s under Accounts #2 tab (see screenshot).(From the left dashboard > Expenses > Vendors > Click Prepare 1099s at the top right right corner > Continue your 1099s > Go to #2 Accounts > […]

How to enter prepayment to the vendor supplier. How do I match vendor bill received later?

You have two ways of recording the transactions depending on the type of supplier pre-payment. Is it quick turn around or will it take a longer time to complete the job or service? 1) When you make vendor pre-payment, use Accounts Payable (A/P) under Account tab. When supplier bills you, create a Vendor Bill in […]

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 […]

Can I change the default A/R or A/P account in QuickBooks Online

Can I change the default A/R or A/P account in QuickBooks Online QuickBooks Help QuickBooks Online (QBO) is not designed to work with multiple Accounts Receivable (AR) and Accounts Payable (AP) accounts. The initial AR and AP accounts, or those selected during conversion, will be the default accounts. We encourage our customers to merge their […]

How to merge vendors suppliers with transactions

You can merge vendors, QuickBooks deletes one vendor and reassigns all its data to another vendor. IMPORTANT: YOU CANNOT REVERSE A MERGE AFTER THAT. In the left navigation bar, click Vendors. Select the vendor whose name you don’t want to use. Click Edit. Change the vendor’s Display Name so that it is the same as […]

How do I fix unapplied cash payment income and unapplied cash bill payment expense

You may see two accounts for UNAPPLIED cash payments if you report Profit and Loss on a cash basis. It will automatically trigger to these two accounts simply because you have entered certain deposit and payment transactions differently than normal flow in QBO. These two accounts are automatically added to the Chart of Accounts when […]

How does one print a memo line on a check

When you enter a check (create + sign > check), there is a memo section on the bottom left the side of the check (see attachment below). If you have text entered in that memo area, it will print on a check. However if you enter a bill (create + sign > bill), even if […]

What to exclude transactions on 1099-MISC forms when you pay an independent contractor

The basic rule is that you must file a 1099-MISC forms when you pay an independent contractor (sole proprietor type) $600 or more in a year payments you made by cash or check. ( https://www.irs.gov/pub/irs-pdf/i1099msc.pdf ) Beginning with the 2011 tax year, the IRS requires you to exclude from Form 1099-MISC any payments you made […]

Owner paid a subcontractor with his own money. How to make sure Vendor shows up on 1099 and still able to write the reimburse check to the Company Owner

First, you will need to create a new dummy bank account. You will also need a due to the owner as a liability type account to use it for later reimbursement. Step#1 Use bank deposit form (create + sign > other > bank deposit) to record contributed amount by the owner to pay a contractor. […]

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