Tuesday, May 26, 2009

QUICKBOOKS: Cash Up Front

A client wants to know: Our company is staffed with self-employed subcontractors (listed as Vendors) that are paid weekly. They also receive Cash Advances from a separate cash account. What is the proper way to record these payments?

This can be handled by mapping your 1099 to include the cash advance account. The instructions are below:

* Go to Edit > Preferences > Tax: 1099
* Click the Company Preferences tab (log in as Admin)
* Click the drop down arrow next to Box 7 Account
* Select Multiple accounts
* Select all the accounts you use when paying your sub-contractors

This will allow you to continue paying them from separate accounts but record correctly on their 1099.

2 comments:

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