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How to Prepare QuickBooks 1099 MISC Reporting Wizard

    Prepare QuickBooks 1099 MISC Reporting Wizard

    QuickBooks is a prominent accounting software which integrates the different complex processes into one unified system. It provides services like managing bills, payroll, making payments etc. Self employed businesses can connect their bank debit or credit cards very easily to QuickBooks and take advantage of the services provided by QuickBooks. QuickBooks assists in simple tasks such as checking expenses, easing out the work of handling spreadsheets, maintaining the accounts, filing taxes and many more.

    What is QuickBooks Form 1099 MISC

    QuickBooks assists you in creating and submitting your 1099-MISC real quick and easy. Form 1099-MISC is an Information Tax form which is to be filed whenever you are paying $600 or more on goods and services which you are buying from an individual or any entity in the given year.

    The advantage of filing 1099-MISC using QuickBooks is that it aids in preparing and filing forms which are due in the month of January or the year before that.

    Preparing QuickBooks 1099 MISC Reporting Wizard

    Before you start with the process of preparing the form, you need to map Expenses Accounts. To do so, follow the steps below-

    • Select Edit Preferences
    • From the right pane, select Tax:1099
    • Click on Company Preferences Tab

    You will be prompted “Whether you want to file 1099-MISC forms.” Click on “Yes” button. This will Map all your accounts on the 1099-MISC

    Also Read : How To File A 1099-MISC Form

    Selecting Vendors

    Once you have mapped the accounts, QuickBooks is able to automatically select the vendors which are eligible for 1099-MISC forms. But it is advisable to review the vendors, who are going to receive 1099 form to ensure that all the eligible vendors are selected and none are left.

    To review the vendors, follow the given steps:

    • From the Vendors menu, click on Print/E-file 1099s
    • Select Review your 1099 vendors
    • This will give you the list of all the vendors marked with “Yes” or “no”. If a vendor is marked with “Yes”, he would be receiving form 1099
    • Review the entire list, here you can change the Vendor Eligibility for receiving 1099-MISC. To make the changes in the Vendor Eligibility, double click on the selected vendor, and from the Additional Info tab check or uncheck the checkbox reading “Vendor eligible for 1099”.

    Reviewing Vendors before Sending the Forms

    • Before sending the 1099-MISC forms, you should review it. Review the report that displays the vendor list selected for the current year.
    • Go to 1099 and 1096 wizard and select Review your 1099 data.
    • Go through this report thoroughly to avoid any mistakes.
    • While reviewing this report, you should ensure that each receiving vendor has a associated tax ID number and the amount shown in the Uncategorized Column should highlight amount which is to be placed in an account that is not mapped.

    Support for Filing of MISC 1099 in QuickBooks

    Select E-file 1099. Enter your credit card details and proceed to pay for the service. Once done with the payment, you can print the 1099-MISC forms by clicking on Print Forms options.

    To contact our QuickBooks Enterprise Support team, call our toll-free Quickbooks Support Phone Number . You can get in touch with us at any point of time as we provide 24*7 QuickBooks customer assistance.