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Started QB desktop on July 1, how do I enter vendor info from Jan 1 thru June 30 for 1099 purposes?

We are a June 30 year end non profit and I now need to print my 1099-MISC forms.  I don't know how to get the information from our old system for the first 6 months into the file in order to generate the 1099s?

 

Is it best to export the vendors into a new company and then just make dummy payments for the first 6 month info?

Best answer 01-17-2019 02:29 AM

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Re: Started QB desktop on July 1, how do I enter vendor info from Jan 1 thru June 30 for 1099 pur...


@tloesing wrote:

But most of the vendors are already in QB (many of them are either referees or off duty police officers doing security work), would this affect what we've done from July 1 through December 31?  Say we paid John Smith $500 in the first 6 months on the old system and $300 in QB in the last 6 months.  I need a 1099 with $800 on it.  Will this do that?


Use a zero dollar expense transaction

line 1, the 1099 mapped expense account, 600
line 2, retained earnings, -600 (negative amount)

 

6 Comments
ProAdvisor

Re: Started QB desktop on July 1, how do I enter vendor info from Jan 1 thru June 30 for 1099 purposes?

Hello @tloesing:

 

My best advice is to recreate your company file by entering your opening balance from your tax return/balance sheet from CPA.   Then get your bank transactions from the bank's website download.  Use your actual transactions.  For fast and easy upload, try Vendorsync app.  It is the quickest way to upload a bunch of bank transactions into QB Desktop.  You can import them, sort them, add the vendor names and manage/sync them quickly to your desktop company file.   This tool is great for re-doing a company file from scratch.  It is a real time-saver!

 

lynda

Community Contributor *

Re: Started QB desktop on July 1, how do I enter vendor info from Jan 1 thru June 30 for 1099 purposes?

Thanks for the suggestion, but it will not work in this situation.  I don't need to enter any new transactions?  We have over a dozen bank accounts and over 2 dozen endowments so I'm not going to download transactions from the bank.  I just want to get about 4 dozen vendors information from the first six months on our old system into our new system without screwing up any beginning balances.

 

 

QuickBooks Team

Re: Started QB desktop on July 1, how do I enter vendor info from Jan 1 thru June 30 for 1099 pur...

Glad to hear again from you, @tloesing.

 

I'd be delighted to share additional information on how you can record your vendors information in QuickBooks.

 

Since you only need your vendor information, you can download it from your old system and import it to QuickBooks using an Excel file. Importing your vendors  information from the old system will not affect any of your balances.

 

Here's how to import:

  1. Download you Vendor Information from your Old system.
  2. Open your QuickBooks Company file.
  3. Go to File.
  4. Choose Utilities.
  5. Select Import.
  6. Go to Excel Files.
  7. Click No if you are prompted with the Add/Edit Multiple List Entries window.
  8. Follow the on-screen instructions in importing file:
    1. Choose the Vendor.
    2. You should see a spreadsheet on your screen where you can enter y our Vendor information.
    3. Click Yes on the import prompt.
    4. Copy the information from your excel file to the Import Vendor spreadsheet.
    5. Review the copied information and resolved any error prompts.
    6. Hit Save and Add My Data Now.
    7. Locate your Vendor excel file.
    8. Click Add My Data Now.

I'd also recommend you create a back up  copy of your company file before  starting the importing process. By doing so, you'll have an intact file to access if you encounter any error while doing the importing.

 

Feel free to visit the Community page if you have other questions about managing your vendor information. I’m always here to help.

Community Contributor *

Re: Started QB desktop on July 1, how do I enter vendor info from Jan 1 thru June 30 for 1099 pur...

But most of the vendors are already in QB (many of them are either referees or off duty police officers doing security work), would this affect what we've done from July 1 through December 31?  Say we paid John Smith $500 in the first 6 months on the old system and $300 in QB in the last 6 months.  I need a 1099 with $800 on it.  Will this do that?

Community Manager

Re: Started QB desktop on July 1, how do I enter vendor info from Jan 1 thru June 30 for 1099 pur...

Hello tloesing,

 

Thanks for giving us a lot of information. 

 

Since you've already entered the correct ending balance (when you started QuickBooks Desktop), we won't be able to show the $500 expense amount on the 1099 form (previously entered in the old system). If you'll enter the transactions, it'll affect the bank's balance. However, you might find one of these options helpful. 

  • Option 1 is you can delete the beginning balance and re-enter the vendors' transactions. 
  • Option 2 is you can create dummy expense transactions for these vendors and delete them after creating the 1099 form. This way, we're able to maintain the correct bank's balance. 

I also suggest asking for more help from your accountant. They know what will be the best thing to do so you can generate 1099 forms.

 

If you have any questions, please let us know. 

Established Community Backer ***

Re: Started QB desktop on July 1, how do I enter vendor info from Jan 1 thru June 30 for 1099 pur...


@tloesing wrote:

But most of the vendors are already in QB (many of them are either referees or off duty police officers doing security work), would this affect what we've done from July 1 through December 31?  Say we paid John Smith $500 in the first 6 months on the old system and $300 in QB in the last 6 months.  I need a 1099 with $800 on it.  Will this do that?


Use a zero dollar expense transaction

line 1, the 1099 mapped expense account, 600
line 2, retained earnings, -600 (negative amount)