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Set up QuickBooks for the 1099-MISC and 1099-NEC forms You will then need to create journal entries to move the amounts from one account to another.įor more details about the new 1099-NEC form and instructions, visit the IRS for additional information. It should take under 30 minutes.įor example, if you need to file both forms and you only have one set of accounts you have been paying your vendors from, you will need to create a new list of accounts to report amounts to the new 1099-NEC form. Then, once you have set up your new expense account in your QuickBooks file, you will need to use a journal entry to move the amounts from one account to another. A single account can only be used for each form.
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If you need to file both formsĭue to the introduction of the new form, if you need to file both the 1099-NEC and the 1099-MISC, you will need to create a new expense account for all the accounts that will be reported on the 1099-NEC or 1099-MISC.
Youtube quickbooks tutorial en spanish update#
Follow this article to update your company file. However, if you do need to select other types of payments to report, you’ll need to adjust your accounts and payments to prepare your books. In this case, no adjustments are needed, and you do not need to continue with this article. Most businesses only select “non-employee compensation” for contractor payments. This is determined by which types of boxes you select when you create your 1099s in QuickBooks. IMPORTANT: You only need to follow the steps below if you need to file both a 1099-NEC and a 1099-MISC and haven't separated your accounts. What do I need to do before I e-file both forms? Learn more about filing your 1099s this year. To create these forms there are a few steps you can take now to ensure your chart of accounts are properly mapped for both the 1099-MISC and 1099-NEC forms and reports. With QuickBooks you can elect to print and e-file your 1099-MISC and/or 1099-NEC.
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Learn what you need to do in QuickBooks Online and QuickBooks Desktop if you need to file both a 1099-MISC and 1099-NEC.