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I have a client who has the bank sends one payment to several vendor contracts once a month. I split the transaction thinking that I am putting in the expenses for each vendor, however running 1099 report nothing shows up for these. I am at a loss as to how to separate the payments or re-do the transactions to set this up. They have automatic bank updates into QuickBooks how do I separate a bank transaction that went to several vendors? Or is it possible to fix it the way it is to be able to print 1099s?
Best answer January 31, 2021
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You've come to the right place, @Kelise Enterprises.
To show these payments in the 1099 report, you'll have to specify the payee to the contractor's name. The best way to rectify this is to create a separate expense transaction for each contractor. Make sure that it would sum up the total payment. Then, match them to the bank transaction. I'd be glad to discuss this in detail.
First, undo them from the Categorized tab. I'll guide you how.
- Navigate to the Transactions menu and select Banking.
- Select the blue tile for the account you want to review.
- Select the Categorized tab.
- Locate the payment that we need to undo.
- Select Undo from the Action column.
The screenshot below shows you the last three steps.
Once you remove a transaction from the Categorized tab, it will return to the For Review list.
After that, create the expense transaction for each vendor.
- Click +New.
- Select Expense.
- Fill in the necessary info.
- Select Save and close.
- Repeat steps 1 through 4 for the other vendors.
Lastly, match these expenses from your bank feeds.
- Navigate to the Transactions menu and select Banking.
- Locate the payments that you've undone earlier.
- Click the transaction, then select Find Match. It will open the Match transactions window.
- Select the expenses that match up the payment.
- Click Save.
Check out our guide on categorizing and matching online bank transactions in QuickBooks Online for more info.
Once done, these transactions will show up in the 1099 report. Follow these steps to prepare and print 1099s:
- From QuickBooks Online, navigate to the Expenses tab and the Vendors section.
- Click Prepare 1099's and walk through the module until you're on Step 5 - File.
- Select No, I'll print and mail.
- Walk through the on-screen instructions to align and print the forms.
Doing this will allow you to print your 1099 forms right away. Check out our guide on printing 1099s in QuickBooks Online for more information.
You can also read through the common questions and answers about 1099s.
Please let me know how it goes by leaving a comment below. I'm only a post away should you have any follow-up questions or concerns. Have a wonderful day!
You've come to the right place, @Kelise Enterprises.
To show these payments in the 1099 report, you'll have to specify the payee to the contractor's name. The best way to rectify this is to create a separate expense transaction for each contractor. Make sure that it would sum up the total payment. Then, match them to the bank transaction. I'd be glad to discuss this in detail.
First, undo them from the Categorized tab. I'll guide you how.
- Navigate to the Transactions menu and select Banking.
- Select the blue tile for the account you want to review.
- Select the Categorized tab.
- Locate the payment that we need to undo.
- Select Undo from the Action column.
The screenshot below shows you the last three steps.
Once you remove a transaction from the Categorized tab, it will return to the For Review list.
After that, create the expense transaction for each vendor.
- Click +New.
- Select Expense.
- Fill in the necessary info.
- Select Save and close.
- Repeat steps 1 through 4 for the other vendors.
Lastly, match these expenses from your bank feeds.
- Navigate to the Transactions menu and select Banking.
- Locate the payments that you've undone earlier.
- Click the transaction, then select Find Match. It will open the Match transactions window.
- Select the expenses that match up the payment.
- Click Save.
Check out our guide on categorizing and matching online bank transactions in QuickBooks Online for more info.
Once done, these transactions will show up in the 1099 report. Follow these steps to prepare and print 1099s:
- From QuickBooks Online, navigate to the Expenses tab and the Vendors section.
- Click Prepare 1099's and walk through the module until you're on Step 5 - File.
- Select No, I'll print and mail.
- Walk through the on-screen instructions to align and print the forms.
Doing this will allow you to print your 1099 forms right away. Check out our guide on printing 1099s in QuickBooks Online for more information.
You can also read through the common questions and answers about 1099s.
Please let me know how it goes by leaving a comment below. I'm only a post away should you have any follow-up questions or concerns. Have a wonderful day!
