How to Generate 1099 Forms from QuickBooks?

In accounting, even a simple and small mistake can take a toll on your business performance. There is a very quick and hassle-free way to get the 1099 forms from QuickBooks. However, if you are a new user, you might find it a bit intricate. When you generate the 1099s forms, you are required to print out all 1099 forms, mail them, then complete the IRS form and post that you need to email the copy of it to different partners. In this article, we will learn a few simple steps to print the 1099 forms in QuickBooks.

Here are a few tips for you prior proceeding with the printing of the 1099 from QuickBooks Online:

• You need to obtain the W-9 form from the Vendor whenever you deal with a new Vendor. W-9 form must contain the information like Name, address and EIN.
• Once you get the W-9 form, you need to create the vendor account in QuickBooks Online and the information must be absolute. It is always sage to commence the quality check for the entered information to avert any miss.
• Also, it is mandatory to check if you are using the recent updated version of QuickBooks and QuickBooks Payroll Updates Tax Table.

Once the 1099 form is completed here are few possible scenarios will form based on the information you entered in the form.

Once the 1099 form is completed here are few possible scenarios will form based on the information you entered in the form.

1. Different Values for Vendor Name, Company Name, and Full Name in QuickBooks.
   • Possible Scenario: Only the Full Name along with the Company Name will be visible on the form 1099. It can also showcase a few Bank Feed Issues in QuickBooks.
2. Vendor Name and Company Name both have their own values in QuickBooks Desktop.
   • Possible Scenario: The 1099-MISC form will include both the Vendor Name & Company Name.
3. No values for Vendor name and empty Company Name in QuickBooks.
   • Possible Scenario: Only the Vendor Name will be included on the 1099 form.
4. No Vendor Name Value and empty Company Name in QuickBooks Desktop.
   • Possible Scenario: The Vendor Name column is a compulsory field and this is imperative to be filled. But there is an option to enter the vendor name and leave the Full Name blank. Apparently, the 1099 Form will only reflect the Company Name.

Know the Quick Ways to Creating form 1099 in QuickBooks?

You must need to verify if the contractor category falls under the individual contractor category in the IRS guidelines before creating a 1099 form in QuickBooks. Here are a few points written below to assist you to setup the contractor under the independent category.

You need to Setup the Vendor in Autonomous Category

• Turn on the QuickBooks and navigate to “Edit” and hit on “Preferences” options.
• After that, choose the “1099” for tax and hit on “Company Preferences“.
• Once you get the option do you file 1099 misc-form? Click on Yes.
• And lastly, choose Ok.

Creating a Vendor’s Account in QuickBooks

• Turn on the QuickBooks and select the “Vendor Center“.
• You need to select the new vendor option from the dropdown.
• After that, enter the vendor name in the “Vendor Name” column under the Vendor listing.
• Enter the complete details. If there is any miss in entering any information, and you get to know about it later than no need to worry because you can modify the supplier details to enter any additional information.
• And lastly, hit the “OK“.

Create the Vendor Account QuickBooks to get 1099-MISC

• Turn on the vendor option in QuickBooks and select the “Vendor Center“.
• Find the supplier’s name then click right on it.
• After that, select the “Edit Vendor” and in the end go to the “Address Info” and verify all the Details.

Creating the Expense Account

• Turn on the QuickBooks and go to the edit option and click on the preferences.
• Click on the “Tax: 1099” option in the left ad after that click on “Company Preferences“.
• Choose Yes once you get the option “Do you file 1099-MISC forms?“
• Now you are required to map the accounts to the box and calculate Form 1099 QuickBooks. After the completion of calculation the QuickBooks 1099 Wizard will be visible with the list of all the vendor to which we have made the payments.
• After that click on the 1099-MISC box or Add payments. Prior to doing that this is mandatory to consult with the tax expert.
• Choose the 1099-MISC box and once the accounts are mapped, click “Save & Close” as shown in the below screenshot.
• Here are 3 important fields in QuickBooks which are Vendor name, Full name and Company name.

What are the Steps to Follow to Print 1099 from QuickBooks?

The below-mentioned steps will help you to get the print of the 1099 form in QuickBooks without any hassle:

• First, go to the QuickBooks Online home screen.
• After that click on “Expenses” at the left and hit the “Vendors” option and then move to the “Prepare 1099s” option as highlighted in red.
• Now enter the company information which includes the name and address of the company. Also, if there are any changes required in the entered information you can click on the edit option available in “Pencil” icon. And Click the next option once all the information is correct.
• Payment Type Selection: Normally owners select the payment between the “Rent” & “Non-employee” compensation. You can choose the option by ticking the box beside. Once you select all options, there will be a drop-down box where you have to select the accounts from which you wish to make the payment in QuickBooks. Next you need to choose all accounts which are required and hit the next button.
• Verify the Details: You need to verify all the details which were entered and check if there is any error. Also, you can modify the tax year if you wish to print 1099s for the previous year or for the vendors.
• Vendor Information Verification: There will be the vendor list will appear next which needs the 109 form. This list is based on input which was filled previously in the vendor account, and it is simple to add the supplier to the contact list. You just need to hit on the option “Add from Vendors List” and choose who requires the form 1099. Click on the save option once all the steps are done.
• File the Printable 1099 Form: Once the vendors details are verified there is a final steps left which is select “Automated Electronic File and Delivery“. You can verify the data and make the required changes. This will save the manual effort to file 1099 form.

Here we have explained the procedure and important points which are necessary to understand in commencing the procedure and to print 1099 into from QuickBooks easily. However, if you require further assistance, you can always reach out to the Dancing Numbers team of professionals without any hesitation any time via LIVE CHAT.

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