AccountingWEB

Tutorial #QB9-19: Setting Up 1099 Preferences

by
Mar 4th 2011
Share this content

Intro: In order to use the 1099 Form feature in QuickBooks, you have to let QuickBooks know that you want to use the feature, and you also must answer some basic questions about your 1099 vendors.

Download the audio file HERE

Step 1: Open the Preferences Window
Choose Edit, Preferences from the QuickBooks menu. Click the Tax: 1099 icon on the left side of the window. Click on the Company Preferences tab.

Step 2: Turn on the 1099 Feature
Click Yes to answer the question",Do you file 1099-MISC forms?"

Step 3: Verify Thresholds and Assign Accounts
In the 1099 Category list, verify the threshold amounts that your company uses to determine 1099 status for vendors and contractors. The Federal minimum amounts are already entered, but some companies send 1099 forms even when the thresholds have not been met. You can change any threshold amounts. You can also indicate the accounts you use for 1099 information. For example, if you withhold tax on 1099 amounts, you can enter the account where the tax liability will be reported.

Step 4: Save Your Information
When you have finished entering information about your company's 1099 policies, click the OK button and your information will be saved.

Tags:

Replies (0)

Please login or register to join the discussion.

There are currently no replies, be the first to post a reply.