Hey, it's Candus and in today's QuickBooks tips and tricks,
we are gonna discuss vendors,
and 1099s.
So 1099s are for independent contractors, people who are not your employees
who
provide services for you,
and
make their own schedule. There's all these different things,
but
over $600. So today, I want to teach you how do you go in
and set it up within QuickBooks,
verify, kinda start the preliminary process
that you're gonna actually need to do
once the end of year gets here but,
if you are having them fill out the forms the W9
throughout the year,
then
when it's time to actually
print the forms,
you're not scrambling around trying to get the information you need.
And moving forward from now to the end of the year.
If you have new vendors that you're working with,
make sure that you get the forms filled out that you need.
So come look over my shoulder, I'm gonna teach you today how to set it up.
And then we will have a secondary or a part two video on actually how to print the 1099s.
So let's get started.
So the first thing to know when you're gonna do 1099s
is that you need to get a form called the W9.
So I'm gonna provide the website,
https for these so that you can quickly find them.
So this is the W9 you can actually print this you can,
you can download that PDF, email it to them, have them send it back.
But what you're gonna need to do
is you're gonna need to make sure that they have their name on here
and all this different information,
you basically need their name,
their address, and their social security or employer identification number.
And then it tells you a little bit more down here about it
and backup withholding and
how it all works and all that kind of stuff.
And right down here, it lets you know if the payment is for.
And so kind of goes through here and let you know payments over $600
required to be reported
and direct sales of over $5,000.
So this just kind of gives you an idea, of who needs to receive it.
There's also which I will include for you and instructions
for you a little bit about
information you can read through
and you can feel free to talk to your tax professional if you have additional questions.
So what we're going to do is we're gonna go inside of QuickBooks,
and I'm gonna show you what it looks like inside of QuickBooks.
So the first thing you're gonna do is you're gonna go under vendors,
and you will see it says print
e-file 1099s.
And there's a 1099 wizard,
there is a review, there's summary reports.
So if you look under review,
what that's gonna allow you to do is see all your vendors,
this is my sample QuickBooks file I do for training purposes,
and let you know who you've put a,
if you put a tax ID number in
if you've marked them as eligible
within QuickBooks,
and what their address and information is along here.
And if you've have all their address, so you can actually look this up.
Again, that was under vendors
1099 print, E-file 1099s and that was review.
The next one would be the summary report.
And what this allows you to do is anybody that you've marked as eligible,
it will let you know what the dollar amount is,
and which box that's going to another box, we will worry about
when we're getting ready to print the 1099s.
It allows you to put onto the 1099,
which box you want the amount of money
to go into.
So we're not gonna worry about that today.
Today is just about
deciding who needs to get to 1099s so far into the year,
and making sure that you are providing them with a W9,
because you need to know their tax ID number.
So,
how you would do that is once you go in and you're inside the vendor center,
and you find somebody that you say that you need to provide a 1099 to
we're gonna pick this video service,
you pick them as a vendor,
you go here under the little pencil, you select that,
you go under tax
settings here to the left,
and you'll see it says
vendor tax ID,
you can either put a social security number in there or an employer identification number.
And then below that you checkmark
if they're eligible for 1099.
And that is all you need to do.
At this place within quick,
at this step within it.
First figure out who needs to receive them.
And then make sure you get a W9 from them.
And you input,
make sure that the address, you click on a little pencil,
make sure that their name that they want to show up,
that's their legal name for their taxes is correct.
And then what address that they use is correct as well they'll be receiving the taxes too,
and that their tax ID number is in here.
That's it for now.
I will post all of the information below this video
so you can find the links to the W9 and the instructions.
If you have any other questions,
feel free to contact me.
And as always, if you've enjoyed this video and you know someone who could benefit from it,
please LIKE it and SHARE it with them.
And if you have any questions, I love your questions,
feel free to ask them.
Either email them to me or post them on my Facebook or YouTube channels.
And I will talk to you guys soon.
Have an amazing day.
Take care.
Bye-Bye.