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GCAGsc
Level 1

We are a nonprofit art guild. Art work is on consignment. How do I setup artists to buy and sell a piece o art. they have to receive a 1099.

 
1 Comment 1
KhimG
QuickBooks Team

We are a nonprofit art guild. Art work is on consignment. How do I setup artists to buy and sell a piece o art. they have to receive a 1099.

Welcome to the Community, @GCAGsc.

 

You can set up the artists as vendors in QuickBooks Online. The program tracks the payments to these consignors and once the amount reaches the $600 threshold, they'll receive a 1099.

 

Follow these steps to add them in QBO:

  1. From the Expenses menu, select Vendors.
  2. Click the New vendor button.
  3. Enter the artist's details in the Vendor Information window.
  4. Place a checkmark in the Track payments for 1099 box, then hit Save.

1099.PNG1099 1.PNG

 

Check out this article for the details: Add contractors or vendors when preparing 1099s.

 

For consignment sales and payouts, I recommend visiting this link for reference: How to record consignment sales.

 

Leave a comment if there's anything else you need. I'm more than happy to help. Have a nice day!

 

 

 

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