A year has passed, and it will soon be time to send out 1099’s to the vendors and a 1096 to the IRS. So many users hope it is a simple process in QuickBooks.
Actually, the printing is the easy part, once all the accounts are properly reviewed and mapped.
Verify your 1099 vendors
1. Go to the Reports menu, choose Vendors & Payables, and then click Vendor Phone List.
2. Click Modify Report at the top of the report.
3. In the Modify Report window, on the Display tab, select Eligible for 1099.
4. Click OK.
5. Review the report on the screen for vendors marked as "No" in the Eligible for 1099 column.
If you need to send Form 1099-MISC to any of these vendors, you must set them up as 1099 Vendors.
== If you found any missing 1099 vendors, open the vendor's record, and on the Additional Info tab, select Vendor eligible for 1099 and enter the vendor's tax ID number.
== On the Address Info tab, make sure the vendor's name and address follow postal guidelines.
Verify your 1099 accounts
1. Go to the Reports menu, choose Vendors & Payables, and then click 1099 Detail.
You see the vendors you designated as eligible for 1099-related payments and the accounts you selected for tracking 1099-related payments.
2. Click Print for a paper copy of the report in its current form.
You'll need this for comparisons.
3. Click the second 1099 Options drop-down list at the top of the report and choose All allowed accounts.
4. On your computer screen, look for accounts that are missing from the paper copy of the report.
5. If an account is missing from the paper copy of the report, and you have been using the account to track 1099-related payments, set up the account as a 1099 account.