“Quicklet” - A Podcast for QuickBooks Pro, Premier, Enterprise Solutions & Point of Sale users featuring helpful information, tips, tricks and suggestions for bookkeepers, business owners, and consultants. Got a QuickBooks Mess? Ask The QuickBooks Gal!
Hi, I'm Jayne Miller, The QuickBooks Gal. Welcome to another in our series of “Quicklets” – informational podcasts about QuickBooks and related bookkeeping topics.
I've received several calls in the last few days from folks who still haven’t done their 1099s. With that in mind, I am posting an instruction sheet that I email to many clients. I hope you find it helpful.
1. Bring up a Quick Report for all vendors who are eligible for a 1099 and double check how you coded their checks. You will need to write down all the codes you used so you can “map” accounts later.
2. Make sure all vendors who are eligible for a 1099 are marked as Independent Contractors in their profiles and that you have their soc sec numbers or EIN listed in their profile.
3. Map accounts
d. Select NON EMPLOYEE COMPENSATION – BOX 7 to bring up the drop-down option
e. Scroll up to the top and select SELECTED ACCOUNTS
f. A new window will appear; place a check mark next to all the accounts you want to map (see #1).
g. Once you have finished, save & exit.
4. Go to REPORTS, 1099 SUMMARY and check the report to be sure that everyone appears and in the proper amounts under the heading Box 7, Non Employee Compensation.
5. If there are any balances under the uncategorized column, you have not captured all distribution accounts in the mapping process. Go back to #1.
6. If all is correct, then I always run the 1099’s on blank paper first.
7. If this works, then print Copy B for vendors; Copy C for your files, Copies 1&2 for State Agencies, and Copy A for IRS, however I never print that copy until after Feb 15th because if you have to print more because someone calls and says they should have gotten one or that they have a new address, then you have wasted the forms and if mailed already, you have to submit a revised report to FEDS.
8. Keep in mind that if you run all 1099’s and don’t run the 1096 immediately, then run an individual 1099 later, you should re-run the entire list of 1099s before you attempt to print the 1096. QuickBooks remembers the last run’s total and will print a 1096 for the last run….maybe only the total of the one you ran since you process the batch.
9. Run the 1096 on plain paper before you print the Federal copy…again you are double checking the accuracy before you use the transmittal.
10. Mail the 1096 transmittal and copy A of the 1099’s to IRS no later than 2.28.08. You can find the correct address on the 1096 transmittal. Do not fold, staple or otherwise mangle these forms…use a 9x12 envelope and put plenty of stamps….you want this to get there on time!
I hope this is helpful. If you have questions, drop me a line at firstname.lastname@example.org. Don’t forget to listen to our podcasts and check out our websites at http://www.quickbooksgal.com/ and http://www.custmbiz.com/.
Got a QuickBooks Mess? Call The QuickBooks Gal!
I'm Jayne Miller, The QuickBooks Gal. Thanks for listening!
Jayne Miller, is the owner of Custom Business Solutions, is a consulting firm in Reno, NV that specializes in providing bookkeeping and software support. © 2008