Where Can I Find Record of Vendors and Their Yearly Costs?
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 (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 accounting questions you would like considered for the column to HGatter@AccountingSupportLLC.com with the subject line of "Ask the Accountant."
Harriet Gatter, owner of Accounting Support LLC, was an ad specialty distributor for 23 years and an adjunct professor of accounting at Neumann University. She sold her ad specialty business in 2012, became certified as a QuickBooks ProAdvisor, and now works exclusively with ad specialty distributors nationwide on their QuickBooks, order management and accounting needs.