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How to setup Vendors from a W9 to receive 1099's in QuickBooks - YouTube
Channel: Candus Kampfer
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hey it's Candace and today I am
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answering some questions that I received
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through social media so the first one
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has to do with her question us do with
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1099s so what she's saying is you know I
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get ten to nine 9's from business all
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time but they don't understand how do I
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then take what they're sending me and
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put it into QuickBooks so her first
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example is Mary Jo bloom with
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pretty-in-pink LLC have and their 1099
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has a personal social security number
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how do you put that in QuickBooks and
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then if the same person gives you AI n
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number how do you put that into
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QuickBooks so let's go in to QuickBooks
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and I'm going to show you what I
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recommend you do and how to do your 1099
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since it's that time of year so the
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first step is to go into the vendor
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Center and I'm actually gonna add the
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example she gave us so we're gonna go in
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we're gonna add new you should already
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have these people in because you've been
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paying them so the first name under
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vendor name is up to you if you do it by
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the person's name or if you do it by
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their business name it's what you know
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them by how you're gonna look them up
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and just stay consistent so for me I'm
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actually gonna do her business name
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pretty-in-pink LLC then down here I am
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gonna put the company name again and I'm
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gonna put her first name here so what
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what it matters is how you are writing
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the cheque and how they are receiving
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the money I put this over here under
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last name so what you're gonna do is for
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1099 to be done accurately when you're
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in here what you would do is you would
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do box that you fill out is name shown
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on your income return so this is
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actually going to be your entity the if
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you are using if you're using an entity
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structure it would be there now if
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that's all you're using then you'd go
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along and you would select LLC here
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whatever type of thing you have going on
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if you have a limited liability company
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but it's classified as an S or C you
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checkmark this so it really depends if
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you have an LLC but you
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taxes an S corp you put that there if
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you have no idea what I'm talking about
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don't worry about it just leave that
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blank check marked LLC if you are a
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corporation you would checkmark any of
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these then you would come down and you'd
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put your address in here we'll just put
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something in here oops if I could type
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today I don't I don't even know what the
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zip is in Sacramento okay so the number
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seven is list the account number here
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optional don't worry about that then you
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come down and this is the second part of
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her question so security number employer
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identification number now what a lot of
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people don't know is if you are doing
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business as your name so let's take this
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off and put the lady's name here the
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example she gave us was Mary Jo okay if
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she's doing business as herself she has
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two options whatever she is she does not
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have an employer identification number
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she would put in her social security
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number here okay now tip for you
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this if you are doing business I highly
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recommend you can go out and get you can
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still do business as a sole proprietor
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mean your own business no entity you can
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still go out and get yayan number so
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that when you're sending out w9s you're
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not giving them your personal social
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security number I highly recommend that
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it's free go apply for one so if she is
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doing business under her personal name
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she'd use her social security number if
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she is doing business under her entity
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structure which we called it pretty in
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pink
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and then she's getting money under her
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own personal name but she's filing taxes
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under her business she would put pretty
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and pink on the top she would put Mary
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Jo bloom underneath as doing business
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ads because it says if different from
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above so this is her tax information
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this is how she's doing business this is
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what her checks are written as then if
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she has an entity she's going to have to
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have an EIN number so what you do is you
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come in here and you put the ein number
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okay so when now you go into QuickBooks
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depending on how you get this is what
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we're gonna do so let's go back in I'm
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gonna show you what you would do so if
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she's using her LLC as her company name
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but she is doing business as Mary Jo you
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would do DBA doing business ads and put
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her business name and then you're gonna
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put her street in which I don't remember
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exactly what I wrote there I did Main
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Street one two three main industry so
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they're gonna give you the form and then
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you are gonna go in and put the
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information you can copy it to the
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shipping address that's fine typically
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you're gonna have a phone number and
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you've already set this hopefully up in
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your QuickBooks so I'm just showing you
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what you would do so if she has given
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you an entity structure and LLC with her
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personal name as a doing business as
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that's how you want to do it in
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QuickBooks okay like this doing business
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s then under her tax settings if she's a
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sole proprietor and everything's in her
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name you put her social security number
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here if not then you're gonna take the
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form that she gave you whatever it says
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employer identification number and you
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put that number now in here I'll be
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honest with you is probably not going to
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match a number for number because this
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is just a sample file okay I think
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that's even too many digits but you
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would put in whatever yeah one
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okay and then you click eligible for
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1099 what happens a lot of times so you
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put in whatever 矛in number they gave you
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they didn't give you an alien and they
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gave your social that's fine
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but if they have an entity any type of
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LLC any corporate it says Inc on the end
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of it you need a Nyonya number not a
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social security number okay so now she's
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in here and if we're gonna print her
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form it would actually print as her the
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on the 1099 it will print her business
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name doing business as and then her
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personal name that is what will keep you
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from getting the IRS sending you a
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letter saying oh you put the wrong
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information any time they give you an
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LLC you have to have an employer
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identification number now if it's all
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under their personal name then you can
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have a social security so I hope this
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answered your question if you have any
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other questions feel free to message me
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the other thing I wanted to quickly add
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is if you go back in here under Mary Jo
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and pretty and pink if you go under
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payment settings the name right here is
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whatever the check is actually gonna
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print so if you want it to be her name
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when you go under payment settings
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change this to be her name and then the
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vendor will always stay the same but
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what actually prints on the check will
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be whatever you put here if you want it
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to be different than what the vendor
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sent vendor name it's so pretty in pink
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would be here whatever you want to pop
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up here on the left is what you're gonna
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put in this first box so if you want
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that to be Mary Jo bloom that's fine you
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just want to make sure that you put
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whatever you want to show up they're
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still put the company information here
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still have this there and then that way
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you can find her so whatever is under
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the first section is what shows up there
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on the left I hope that helps you if you
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enjoyed this tip please share it don't
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directly into your inbox I will talk to
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you next week
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have an amazing day bye bye
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