QuickBooks Online QBO Tutorial for Beginners – August 2016

How would you like to learn QuickBooks in 90 minutes? This FREE video tutorial is specifically designed for beginners in mind. You will learn QuickBooks Online the right way from the start. It covers all the basics you need to learn and offers some helpful tips. If you are looking for step-by-step educational guidance and ready to learn QBO, this is the one. And this video is produced by Top International QuickBooks Trainer, VPController.

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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2015 Laser 1099-MISC Income, Federal Copy A, Bulk

2015 Laser 1099-MISC Income, Federal Copy A, Bulk


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How do I permanently delete “Excluded” transactions in bank feeds?

 

You can permanently delete bank downloaded transactions in QBO now.

In order to permanently delete a bank downloaded transaction (or multiple transactions) from the banking center, you will first need to move it from “New Transactions” tab to “Excluded” tab.

To move from “New Transactions” tab to “Excluded” tab:

  • From the home page screen > Go to the left navigation bar
  • Click Transactions
  • Select Banking. You’ll see the “NewTransactions” tab, click the checkboxes to the left of the date for the transactions you want to exclude.
  • Once you’re done, click the “Batch Actions” drop-down arrow and select “Exclude Selected.”The transactions move to the “Excluded” tab.

excluded

You can now permanently delete from “Excluded” tab.

To permanently delete-excluded bank transactions.

  • From the home page screen > Go to the left navigation bar
  • Select Transactions
  • Select Banking
  • Select “Excluded” tab
  • Select Batch actions (drop-down arrow)
  • Select Delete
  • You can select to delete a transaction or multiple transactions

Screenshot 2015-09-10 08.55.15


How to permanently delete bank downloaded transactions in bank feeds


 
helpful videos

How I can generate a 1099 summary report for non-employee compensation in QuickBooks Online Plus?

There is no built-in 1099 related summary report for non-employee compensation at this time

Here is how you can get that information.

Go to prepare 1099-MISC forms screen (blue navigation bar > vendors > prepare 1099s button (right corner) > “Follow the steps to prepare 1099-MISC forms” screen > Choose “Print using purchased forms” link (at the bottom) > side arrow will move down and expand with more information > select “Print Information Sheet” blue button (at the bottom).

It will show printable “1099 Information Tax Year 2014” report.

print using purchased forms
print information sheet
1099 information report


Updated 12/10/2015:

It used to be able to preview the 1099 Summary Report without having gone through all the prepare 1099 steps. There is no way to preview accounts and vendors meeting the threshold without going through the prepare 1099s steps now. It is not clear why the “1099 Transaction Detail by Vendor” is not even a built-in report at this time.

To run this report (go through all the steps), click on the Box 7 payment amount by any vendor to get a vendor report to support that value. See attached screenshots below.

prepare 1099s
1099 transaction

If you want to run this report for another vendor, you will need to do it all over again. Would not it be nice if they have the simple build-in “1099 Transaction Detail by Vendor” for ALL the vendors in one customize format?

Send them your feedback before it’s too late for this year.
Gear (upper right corner) > your company > FEEDBACK.

 

Related article:
What to exclude transactions on 1099-MISC forms when you pay an independent contractor?