Correct or change s in QuickBooks

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Quickbooks desktop 1099-nec update 

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Quickbooks desktop 1099-nec update. Create and file 1099s with QuickBooks Desktop

 

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Quickbooks desktop 1099-nec update

 

If you need to file separately with your state, our e-file service can help at an additional fee. There are multiple categories of contractor payments you might have made. Most businesses just categorize all contractor payments as nonemployee compensation and don't need to worry about modifying their accounts. However, if you made multiple types of cash payments to contractors, you may need to file both a NEC and a MISC , and you may need to adjust your accounts to track these types of payments separately.

This is determined by which types of boxes you select for types of payments you made to non-employees. If you need to file both forms, here's how to update your accounts so you can. After preparing your s in QuickBooks, select the E-file button to follow the onscreen steps to import your data in to your Tax account.

After importing, you'll see the Tax Dashboard displaying the list of vendors, amounts, and boxes. From here:. After you've submitted your s to the IRS, go back to your account to check their status. Follow the steps in this Tax article, How can I check the submission status of my tax forms? For instructions on uploading or importing data for another company file, refer to this Tax article, How do I import a different company payer in QuickBooks Desktop QBD?

For instructions on correcting your s, refer to this Tax article, What kinds of corrections can I make to forms after they have been submitted? Once you've created and submitted your forms, you may find you need to view, print, email, or mail them. For additional help or troubleshooting steps, see this Tax support page.

Need to make changes or updates to your accounts or subscriptions? Visit the Account Management Page. QuickBooksHelp Intuit. Step 1: See what and when you need to report Do I need to file a ? You do not need to report payments you made electronically, such as by credit card, debit card, gift card, or PayPal payments. QuickBooks Desktop automatically excludes these for you.

The payment companies will report those payments so you don't have to. Withheld any federal income tax from under the backup withholding rules. You must manually enter the Box 11 changes into QuickBooks. You must manually enter the amount in Tax Step 2: Set up your accounts There are multiple categories of contractor payments you might have made.

QuickBooks Desktop for Mac. QuickBooks Desktop. Step 5: Import your data into Tax After preparing your s in QuickBooks, select the E-file button to follow the onscreen steps to import your data in to your Tax account.

Step 6: E-file your s After importing, you'll see the Tax Dashboard displaying the list of vendors, amounts, and boxes. To narrow the scope of account types, you can select one of the account type buttons above the dropdown. Note : Subaccounts appear indented in this dropdown menu, while parent accounts aren't. Learn more about parent accounts and subaccounts. Learn more about detail types. Enter a name in the Account name field.

When you're done, select Save. In the Category name field, enter a name for the category subaccount. Select Next. Select the new Expense subaccount. Step 2: Create a Summary report Identify the amounts paid and to which accounts. Choose either Summary or Detail. Note: Reports will default to the Last Calendar Year, so be sure the report is set up for the correct date range next to Dates at the top of the report.

Use the Summary to identify the vendors and the Detail to identify the transactions. Review the totals under to determine what amounts may need to be moved. Important : Once you edit your accounts or payments, your previous reports will update and not reflect prior year filings.

You may want to print these reports for your records before making any adjustments. Step 3: Create a new account Add a new account to your Chart of Accounts to track the separate payments. Go to Lists , then select Chart of Accounts. Select the Account dropdown, then choose New to create a new account. Step 4: Move the payments to the new account. Fill out the fields to create your journal entry. Repeat this process for each payment you need to move.

Edit existing contractor payments Select Vendors then Vendor Center. Choose the vendor and locate the transactions you need to edit. Double-click to open the transaction to make your edits. Repeat this process for each payment you need to change. You should see the changes you made reflected. Note: Reports will default to the Last Calendar Year. Select Customize to be sure the report is set up for the correct date ran. You can also adjust the option to narrow your form type.

Select OK. Repeat this process for each new account to be reported on the NEC. After you have made the changes, select Save. Was this helpful? Yes No. You must sign in to vote, reply, or post.