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How to setup Vendors to Receive 1099's in QuickBooks - YouTube
Channel: Candus Kampfer
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hey it's Candace and in today's
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QuickBooks tips and tricks we are gonna
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discuss vendors and 1099s so 10:09 1099s
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are for independent contractors people
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who are not your employees who provide
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services for you and make their own
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schedule there's all these different
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things but over $600 so today I want to
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teach you how do you go in and set it up
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within QuickBooks verify it kind of
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start the preliminary process but you're
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gonna actually need to do once the end
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of you gets here but if you are having
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them fill out the forms the w9 and
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throughout the year then when it's time
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to actually print the forms you're not
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scrambling around trying to get the
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information you need and moving forward
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from now to the end of the year if you
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have new vendors that you're working
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with make sure that you get the forms
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filled out that you need so come look
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over my shoulder I'm going to teach you
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today how to set it up and then we will
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have a secondary or a part two video on
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actually how to print the 1099 so let's
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get started so the first thing to know
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when you're gonna do two 99s is that you
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need to get a form called a w9 so i'm
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gonna provide the website HTTP for these
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so that you can quickly and find them so
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this is the w9 you can actually print
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this you can ink you can download the
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PDF email it to them have them send it
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back but what you're gonna need to do is
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you're gonna need to make sure that they
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have their name on here and all this
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different information you basically need
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their name their address and their
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social security or employer
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identification number and then it tells
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you a little bit more down here about it
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and backup withholding and how it all
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works and all that kind of stuff and
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right down here it lets you know if the
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payment is for and so it kind of goes
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through here and lets you know payments
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over six hundred dollars we require to
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be reported and direct sales of over
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five thousand dollars so this is kind of
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gives you an idea of who needs to
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receive it
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there's also which I will include for
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you and instructions for you a little
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bit about information you can read
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through and you can feel free to talk to
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your tax professional if you have
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additional questions so what we're gonna
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do is we're gonna go inside of
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QuickBooks and I'm gonna show you what
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it looks like inside of QuickBooks so
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the first thing you're going to do is
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you're going to go under vendors and you
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will see it says print efile 1099
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and there's a 1099 wizard there is a
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review there's summary reports so if you
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look under review what that's gonna
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allow you to do is see all your vendors
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this is my sample QuickBooks file I do
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for training purposes and let you know
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who you've put a if you put a tax ID
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number in if you've marked them as
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eligible within QuickBooks and what
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their address and information is along
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here and if you have all their address
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you can actually look this up again that
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was under vendors 1099 print efile 1099
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s and that was review the next one would
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be the summary report and what this
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allows you to do is anybody that you've
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marked as eligible it will let you know
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what the dollar amount is and which box
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that's going to another box we will
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worry about when we're getting ready to
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print the ten and nine it allows you to
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put onto the 1099 which box you want the
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amount of money to go into so we're not
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going to worry about that today today is
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just about deciding who needs to get to
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ninety nine s so far into the year and
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making sure that you are providing them
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with a w-9 because you need to know
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their tax ID number so how you would do
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that is once you go in and you're inside
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the vendor Center and you find somebody
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that you say that you need to provide it
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1099 to we're gonna pick this video
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service you pick them as a vendor you go
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here under the little pencil you select
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that you go under tax settings here to
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the left and you'll see it says vendor
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tax ID you can either put a social
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security number in there or an employer
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identification number and then below
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that you checkmark if they're eligible
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for a 1099 and that is all you need to
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do at this place within click at this
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step within it first figure out who
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needs to receive them and then make sure
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you get a w-9 from them and you input
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make sure that the address if you click
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on a little pencil make sure that their
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name that they want to show up that's
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their legal name for their taxes is
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correct and then what address that they
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is correct as well that they'll be
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receiving the taxes to and that their
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tax ID number is in here that's it for
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now I will post all of the information
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below this video so you can find the
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links to the w9 and the instructions if
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you have any other questions feel free
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to
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contact me and as always if you've
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enjoyed this video and you know someone
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who could benefit from it
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please like it and share it with them
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and if you have any questions I love
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your questions feel free to ask them
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either email them to me or post them on
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my Facebook or YouTube channels and I
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will talk to you guys soon have an
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amazing day take care bye bye
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