QuickBooks Training Post:
Creating 1099s in QuickBooks has been even simpler since the introduction of the wizard in 2012 to help walk users through the process.
Start the wizard at Vendors->Print/E-File 1099s->1099 Wizard. The first screen is informative only. Click the Get Started button.
The second screen shows a list of vendors. Along the left side of the window are checkboxes. Check off each vendor that could possibly qualify as a 1099 vendor.
You may already have some checked. Any vendors that have been setup or edited in the vendor center to be eligible for a 1099 will show in the wizard with the checkmark already there.
Once you have reviewed the list and feel confident you have checked all the appropriate vendors, click Continue.
This step is the list of eligible vendors only, those that you checked, or were already checked, in the previous step.
This window allows you to fill in missing information. The Tax ID of the individual vendors needs to be included. If missing, QuickBooks will frame the data field with a red line.
Be sure the addresses are all there. If anything is in the address field, QuickBooks will not flag it as missing information. So, it is possible to have partial addresses there and not know it without clicking in the field to be sure.
Clicking Continue will display the following screen.
Displayed here are the accounts used with the vendors marked as eligible for 1099s. In this screen, mark what box of the 1099 the amounts should be reported in. The most common for small business will be box 1 for rent payments and box 7 for services purchased.
Clicking Continue will bring up a screen allowing you to view the payments included and excluded from the 1099s. These are for your information only.
In this screenshot we see the vendors that are eligible for a 1099 and the amounts that will be reported based on the information input into the wizard.
The unmapped payments column usually indicates accounts or amounts that will not be reported. For instance, the amount may be from accounts you left marked as ‘Omit these payments from 1099’ earlier. Or, as in the case of the above graphic, it may be the amount is under the 0 threshold.
Continuing brings the final screen. You can either use Intuit’s E-File service (extra charge), or print and mail the paper copies yourself.
While most payroll forms now print on plain paper, unfortunately 1099’s must still be printed on forms. You can purchase the forms at most office supply stores.
For tax information on the requirements concerning 1099s, see irs.gov.
The post QuickBooks’ 1099 Wizard appeared first on QuickBooks Training & QuickBooks Consulting. Best rated in Miami & Broward.
Source: Hector\’s QuickBooks Blog