17 Nov Form 1099 Prep Work
QuickBooks Tips & Tricks – 1099 Prep Work
The year always seems to go by so quickly. The 4th Quarter is the is time to start reviewing the vendor list to make sure all payees who will need to receive a 1099 have been set up properly and completely.
To issue Form 1099MISC through QuickBooks each recipient needs to be on the vendor list and include the 1099 information on the additional info tab for the vendor. In January, the Tax: 1099 preference will be confirmed for all accounts that are applicable for 1099 purposes. Based on the vendor being eligible for a 1099 and paid an amount over the threshold that was coded to the appropriate General Ledger accounts, QuickBooks will print the Form 1099MISC on a pre- printed form.
If you order your pre-printed forms and envelopes early you can find some deals plus you eliminate the problem of finding the forms at the last minute.