I had to pay a contractor using my personal Venmo account (since there is no business account and because of the pandemic). I would like to reimburse myself but also make sure the amount is included in the Vendor's 1099 at the end of the year. How do I increase the vendor's 1099 amount without actually writing checks to the contractor?
Here's a piece of information I can provide about the vendor's 1099, AndyZ.
The amount that will show in 1099 is based on the transactions created for the vendor. This includes all the expenses, bills, and payment.
While it is not advisable to mix personal and business funds, you may encounter situations that will require you to do so. For the bank account field, you can either choose a bank account or a petty cash account. This is the account that the reimbursement money is coming from. Then, enter the owner's equity account under the account details.
However, I still suggest reaching out to your accountant for other ways on how to do it.
You can also run reports in QuickBooks Desktop to give the information you need.