Set up 1099 vendors in Quickbooks

Set up 1099 vendors in Quickbooks

It is a form which we are issuing to vendors for their tax declaration via checks or whatever mode you choose. If you have made any of your payment for any vendor or contractors which they will E-file to IRS then you have to issue a form 1099.

STEPS to set up 1099

1.       Open QuickBooks
2.       Go to Edit on the top
3.       Click on Preferences
4.       Click on Tax 1099
5.       Go to company preference and click Yes to 1099 MISC form.
After you are with the above steps you have to do the following:
·         Go to Vendors
·         Looks for specific vendor if you don’t have then create a new vendor.For Creating a new vendor you have to go Vendor center and click on new vendor. You have to fill all information and click ok now vendor is listed there.
·         Now you have to set up 1099 for him. You have to set up 1099 for him right click edit
·         Go to Tax settings there is a small check box click on vendor is eligible for 1099.
·         This vendor would not have issues on 1099 or 1096.