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My first time filing 1099's...
We have a contractor whom we paid via online banking for consulting services rendered in 2020. The payment was deducted from our bank account on 12/31/2020, but was not received in his account until January 5th 2021.
Should that payment be included on his 2020 1099?
Thank you.
Glad to have you here in the Community, @dsmithsc91.
The payment posted depends on the bank account's statement. Since QuickBooks will rely on the bank statements, the payments will be accounted for the time it was posted.
The approximate wait time for credit card payments to be transferred to the bank would take 5-7 banking days, while ACH deposits may take 7-10 business days.
You can check the articles below to see more information on where you can see your QuickBooks payments statements. Also, the steps on how to check the payment status for a specific customer:
Please let me know if you have any other questions. I'll be around to help. Take care!
Thanks Maybelle. Just to be clear, when you mention the bank account's statement, you are referring to our company's checking account. Do I have that right?
Hi there, dsmithsc91.
I appreciate you for coming back to add additional clarification on what information shared above.
Yes, the bank account's statement is a transaction from your Financial Institution. Entries depend on when the transaction clears your bank. You have the bank account statement on the Banking page. From there, you can view all the transactions that happen with your bank.
Please refer to this article to see different information on why your income and expense transactions are missing and how to fix them: Why are my income and expense transactions missing from my Profit and Loss report?.
Please let me know how it goes by clicking the Reply button below. I'll be around to help if you have any other questions about downloading bank transactions. Have a good one.
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