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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?
Solved! Go to Solution.
@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)
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
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.
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:
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.
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?
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.
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.
@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)
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