Where Can I Find Record of Vendors and Their Yearly Costs?
Ask the Accountant…
Question: I have to produce 1099’s for some of my vendors. How do I get a record of these vendors and their costs for the year?
Answer: When you set up a vendor in QB Premier, go to:
Vendor > Vendor Center > New Vendor > Enter contact information. Under “Tax Settings,” select box “Vendor Eligible for 1099”. There is a spot to put in the Vendor Tax ID (often their Social Security number), but if you have other users in and out of your QB, be careful posting this sensitive information here. (There are other ways and means to keep this data more securely.)
When you are ready to run the 1099 report, go to Reports > Vendors & Payables > 1099 Summary (you can also run 1099 Detail if you like). Select the time period for the report, and make sure that the settings at the top are:
“Only 1099 Vendors” and “All Allowed Accounts” (NOT “Only 1099 Accounts”).
These settings must be selected in order to get the report you want.
Please email your questions to Harriet at Ask The Accountant.
QuickBooks Premier and Enterprise can be modified to better serve ad specialty distributors. Harriet Gatter is a QuickBooks ProAdvisor, a former accounting professor and a former ad specialty distributor. She advises ad specialty distributors to use QuickBooks Premier and Enterprise, often in conjunction with other industry-specific software, to manage the complexities of the ad specialty business, with the results being time saved, errors eliminated and an overall accurate accounting of your business. Contact her at email@example.com.