Set up 1099s Form in QuickBooks

by James Antonio

If you own a business, it is important to prepare and file your federal 1099s with QuickBooks Desktop.

1099s are nothing but tax forms which you need to file with the IRS when the contractors are paid in cash, direct deposit, or checks.

The importance of tax forms can be surmised by the fact that every successful business venture always meets its tax criteria on time. This not only helps them to build credibility but also helps them avoid any legal restrictions from doing business.

1099s forms in QuickBooks is one of those essential forms that are required to be set up and filled properly for the smooth functioning of your enterprise.

What is 1099s forms in QuickBooks all about?

1099s are identical to W-2 forms but are typically for non-employees. It is necessary for business to issue 1099s to the particular non-corporate service providers for the payments made during the specific year.

This form differentiates between different types of income which may not be classified under a regular job of the particular applicant.

Note: Employees who are not given the W-2 forms are typically issued the 1099 form. They comprise of different types of forms depending on the transactions like Social Security Benefits, Government Payments, etc.

Why do you Need to Set up 1099s Forms in QuickBooks?

It is mandatory for all business owners to file Forms 1099 for specific payments that are made during the year. Such payments include:

  • Payment for services like contract employees, unincorporated maintenance people, bookkeepers, accountants, etc.
  • Legal counseling fees
  • Rent
  • Interest paid

How to Set up 1099s Form in QuickBooks?

Here is how you set up 1099s forms in QuickBooks.

Step 1: Prepare the vendor account or edit it in case it is already created.

Step 2: In the menu bar, select the Vendor and then choose vendor Center

Step 3: Choose the vendor from the vendor’s list or select the drop-down button near the New Vendor left side of the screen and click it.

Step 4:
In the new window for Address Info, add the Vendor’s contact details and name.

Step 5: Select the Tax Settings on the left of the screen and add the vendor’s tax ID number in the Vendor Tax ID.

Step 6: Check-mark the particular box that says vendor eligible for 1099.

Step 7: Select OK.


Need Some One on One QuickBooks Assistance?


Video Tutorial For Set up 1099s Form in QuickBooks

Is it Possible to upload Data from Numerous QuickBooks Company Files into the Tax 1099?

Yes. It is possible.

How to Correct 1099s Forms?

To correct them, you need to strictly follow the steps mentioned above.

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Supported Entities/Lists

Dancing Numbers supports all QuickBooks entities that are mentioned below:-

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Estimate
Credit Memo/Return Receipt
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Statement Charge

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Purchase Order
Item Receipt
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Banking Transactions

Check
Journal Entry
Deposit
Transfer Funds
Bank Statement
Credit Card Statement
Credit Card Charge
Credit Card Credit

Employee Transaction / List

Time Tracking
Employee Payroll
Wage Items

Others

Inventory Adjustment
Inventory Transfer
Vehicle Mileage

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Frequently Asked Questions

 
How and What all can I Export in Dancing Numbers?

You need to click "Start" to Export data From QuickBooks Desktop using Dancing Numbers, and In the export process, you need to select the type you want to export, like lists, transactions, etc. After that, apply the filters, select the fields, and then do the export.

You can export a Chart of Accounts, Customers, Items, and all the available transactions from QuickBooks Desktop.


How can I Import in Dancing Numbers?

To use the service, you have to open both the software QuickBooks and Dancing Numbers on your system. To import the data, you have to update the Dancing Numbers file and then map the fields and import it.


How can I Delete in Dancing Numbers?

In the Delete process, select the file, lists, or transactions you want to delete, then apply the filters on the file and then click on the Delete option.


How can I import Credit Card charges into QuickBooks Desktop?

First of all, Click the Import (Start) available on the Home Screen. For selecting the file, click on "select your file," Alternatively, you can also click "Browse file" to browse and choose the desired file. You can also click on the "View sample file" to go to the Dancing Numbers sample file. Then, set up the mapping of the file column related to QuickBooks fields. To review your file data on the preview screen, just click on "next," which shows your file data.


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XLS, XLXS, etc., are supported file formats by Dancing Numbers.


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Dancing Numbers offers four varieties of plans. The most popular one is the basic plan and the Accountant basic, the Accountant pro, and Accountant Premium.


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How can I Import Price Level List into QuickBooks Desktop through Dancing Numbers?

First, click the import button on the Home Screen. Then click "Select your file" from your system. Next, set up the mapping of the file column related to the QuickBooks field. Dancing Numbers template file does this automatically; you just need to download the Dancing Number Template file.

To review your file data on the preview screen, just click on "next," which shows your file data.


What are some of the features of Dancing Numbers to be used for QuickBooks Desktop?

Dancing Numbers is SaaS-based software that is easy to integrate with any QuickBooks account. With the help of this software, you can import, export, as well as erase lists and transactions from the Company files. Also, you can simplify and automate the process using Dancing Numbers which will help in saving time and increasing efficiency and productivity. Just fill in the data in the relevant fields and apply the appropriate features and it’s done.

Furthermore, using Dancing Numbers saves a lot of your time and money which you can otherwise invest in the growth and expansion of your business. It is free from any human errors, works automatically, and has a brilliant user-friendly interface and a lot more.


Why should do you change the Employee status instead of deleting them on QuickBooks?

If you are unable to see the option to terminate an employee on your list of active employees on the company payroll, this mostly implies that they have some history. Thus, if you change the employee status instead of deleting it on QuickBooks, the profile and pay records remain in your accounting database without any data loss in your tax payments.


Is it possible to use the Direct Connect option to sync bank transactions and other such details between Bank of America and QuickBooks?

Yes, absolutely. You can use the Direct Connect Option by enrolling for the Direct Connect service which will allow you access to the small business online banking option at bankofamerica.com. This feature allows you to share bills, payments, information, and much more.


Why should do you change the Employee status instead of deleting them on QuickBooks?

If you are unable to see the option to terminate an employee on your list of active employees on the company payroll, this mostly implies that they have some history. Thus, if you change the employee status instead of deleting it on QuickBooks, the profile and pay records remain in your accounting database without any data loss in your tax payments.


What are the various kinds of accounts you could access in QuickBooks?

QuickBooks allows you to access almost all types of accounts, including but not limited to savings account, checking account, credit card accounts, and money market accounts.

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Bulk import, export, and deletion can be performed with simply one-click. A simplified process ensures that you will be able to focus on the core work.

Worried about losing time with an error prone software? Our error free add-on enables you to focus on your work and boost productivity.

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