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Entering Year to Date Amounts for Form 1099 without affecting financial reports

If you start using QuickBooks Desktop mid-year, you can use these steps reflect Year to Date (YTD) vendor expenses so your 1099s are accurate at year-end.  These entries will NOT impact your financial statements.

Detailed instructions

By creating an offsetting general journal entry, you can track 1099 expenses without affecting balances and financial reports.

To do this:

  1. From the Company menu, click Make General Journal Entries.
  2. In the Make Genreal Journal Entries window,
    1. Click the the first line and in the Account column, select your 1099 expense account. 
    2. In the Credit column, enter the amount of expenses paid to 1099 vendors. This can be the expense for a single vendor or all vendors.
    3. Do NOT enter a vendor name on this line.
    4. (Optional) Type a memo.
    5. Click the next line and in the Account column, select the same 1099 expense account you used in Step a.
    6. In the Debit column, enter the amount paid for each vendor.
    7. In the Name column, enter the name of the vendor.
    8. Repeat steps f and g for each vendor paid during the year.
  3. When the journal entry is in balance, click Save & Close.

Note: When you print your 1099/1096 forms or run the 1099 Summary/Detail reports the amounts will be reflected.

KB ID# HOW12895
9/24/2016 10:21:53 PM
QYPPRDQBKSWS07 9138 Pro 2017 384391