It’s time to update your Quickbooks 1099 vendor list.
Believe or not, the year is almost over and it is a perfect time to update your 1099, miscellaneous vendor list in QuickBooks. The IRS requires all 1099 vendors to provide to the payor a signed W-9 which is to be kept in the vendor file. QuickBooks offers a feature for setting up 1099 Vendors. If set up correctly, a simple report can be printed at year end for your accountant. If you prepare your 1099s and 1096 transmittal forms through Quickbooks, it can also be easily done. Maintaining a correct vendor EIN and address list helps eliminate the costs and stress associated with generating 1099 information at year-end. The steps for setting up a correct list are simple but require guidance. Please feel free to contact our office should you need help setting up the Quickbooks 1099 vendor list.
