Hello there, Deadwood Al. QuickBooks won't allow you to manually enter an amount into the Box 1 field on the 1099-MISc form. We have a way for you to correct this and tell the system how much each of the >$600 winners was awarded so you can create your 1099s accordingly.
We must document the award amounts for each winner in their vendor account to ensure QuickBooks recognizes them for 1099 eligibility. Since you've already issued a check for the total amount, you can adjust it using a clearing account to transfer the funds. Afterward, you'll need to create separate checks to record the awards for each winner.
To set up a clearing account (if you haven't already), here's how:
- From the Lists menu, select Chart of Accounts.
- Right-click anywhere in the Chart of Accounts, then select New.
- In the Add New Account window, select the Bank radio button.
- Select Continue.
- In the Account Name field, enter Clearing Account, Barter Account, or Wash Account.
- Do NOT enter an opening balance.
- Select Save & Close.
After that, write an individual check for each winner/vendor.
Once everything is all set, create and file your 1099s with QuickBooks Desktop (QBDT).
Also, I'm including this article to help answer the most commonly asked questions about 1099s in QuickBooks: 1099 concerns.
Please get back to this thread if you have further 1099 concerns or questions about managing vendor transactions in QBDT. We in the Community are always ready to help you out.