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 > Under Box 7, select Multiple accounts from the Chart of Accounts).

You can also refer to this article for more information:
https://community.intuit.com/articles/1634851/

 

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 QBO and use an appropriate account. That will clear the vendor pre-payment balance. This is the easy way to enter the transactions especially say if you can record both entries within less than a month. You will then need to match pre-payment and entered Bill to clear the account by clicking Pay Bills tab (Create + sign > Vendors > Pay Bills).

 
PREPAYMENT

 
ENTER BILL

 
MATCH PREPAYMENT AND BILL

 
2) You may use this method if pre-payment to the supplier will take longer than 30 days to clear. In order words, for example, you make pre-payment job in January and the job will not be complete until June.

To set up pre-payment to the supplier, create a new account. You would set up “Pre-Payment to Supplier” as other current assets in QBO
 
SETUP PREPAYMENT SUPPLIER ACCOUNT

 
When you receive a Bill, enter expense account to be charged. On next line, select Pre-Payment to Supplier account and enter it as a negative amount. If the received bill is exactly the same as pre-payment then, it will net out as zero entry. But if the actual bill says higher than pre-payment amount then, you just make the payment for the difference. That will clear the account.
 
ENTER BILL AND CLEAR PREPAYMENT ACCOUNT

 
SUPPLIER ACCOUNT

 
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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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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 accounts payable and receivable accounts. For more information on merging accounts, please see Merging accounts, vendors, or customers. If division of open payables and receivables are needed use one of the following options…

 

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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 the vendor you’re merging with.
  • Click Save.
  • Click Yes to confirm that you want to merge the two vendors.

mergevendor1

mergevendor2

mergevendor3

mergevendor4

mergevendor5






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 the new company file is created. You can’t delete or change these two accounts.

Here is the main reason that will trigger these two account types in QBO:

  • Triggers “Unapplied Cash Payment Income” when the date of the customer deposit date is before the invoice date it’s applied to.
  • Triggers “Unapplied Cash Bill Payment Expense” when the date of the vendor payment date is before the bill date it’s applied to.

Example of “Unapplied” Customer Deposit and Vendor Payment transactions

unapplied deposit
unapplied deposit
unapplied check
unapplied check
bank register
bank register
cash basis unapplied pnl
cash basis unapplied pnl

Changing “Invoice” and “Bill” dates to be prior to payment dates should work for most transactions in this account. However, there may be other unknown circumstances where the issue may not be easily fixed. In that case, you will need to analyze each transaction and resolve the matter. Or get help from the expert.

invoice
invoice
receive payment
receive payment
bill
bill
bill payment
bill payment
cash basis applied pnl
cash basis applied pnl

 


This video will show how to fix “Unapplied Cash Payment Income” and “Unapplied Cash Bill Payment Expense” on a cash basis Profit and Loss report.

 


OTHER HELPFUL LINKS:
(Also, refer to IRS Publication 538 Constructive Receipt of Income for more details.)
https://www.irs.gov/publications/p334/ch02.html
What’s Unapplied Cash Payment?
https://community.intuit.com/articles/1146009-what-s-unapplied-cash-payment

 


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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.

check memo line
check memo line

However if you enter a bill (create + sign > bill), even if you’ve entered text entered in that memo area, it will not print on the check when select pay bills (create + sign > pay bills).

If you need to print a fixed memo line like the account number or a specific memo line message on a check print, you can select “account number” field on vendor information page (see attachment below). That way it will print the same memo line on specific vendor checks all the time.

vendor info acct no
vendor info acct no
check print with memo
check print with memo

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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 by credit card, debit card, gift card, or third-party payment network such as PayPal. If they meet the requirements, these payments are being reported by the card issuers and third-party payment networks on Form 1099-K.

box7 excluded

 
In QuickBooks, here is a reference list of codes to use when you record payment transactions to exclude:

http://support.quickbooks.intuit.com/support/pages/inproducthelp/core/qb2k13/contentpackage/payroll/1099/popup_1099_exclude_text.html

Here is another helpful article to get familiar with 1099 exclude rules.
http://payroll.intuit.com/support/kb/2001238.html

Note: In QBO, 1099 vendor feature is available in PLUS version only.


 

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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. Account to show as due to the owner liability type account. See screenshot below.

owner deposit
owner deposit

Step#2 Use Expense form (create + sign > vendor > expense) to create contractor expense posted to appropriate expense account. See screenshot below.

contractor expense
contractor expense

Step#3 Use Check form (create + sign > vendor > check) to write the reimburse check to the Company Owner. See screenshot below.

check to owner
check to owner

In case there is no need to reimburse the owner (step#1), you will use a capital contributed account which would be an Owner’s Equity type account.

Review of 1099 vendors and payments list. See screenshot below.

review 1099 vendors payments
review 1099 vendors payments

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