If you start using QuickBooks 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.
By creating an offsetting general journal entry, you can track 1099 expenses without affecting balances and financial reports.
To do this:
Note: When you print your 1099/1096 forms or run the 1099 Summary/Detail reports the amounts will be reflected.