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Join nowHello there, @hbb. Thanks for reaching out and providing detailed information about your concern.
When creating a contractor payment, there's particular category defined by the IRS that qualifies for a box on the form 1099. Thus, when tracking this payment, we recommend using an expense accounts.
In your case, you have the option to change the account, rename, or create a new expense accounts so you're able to find it easy when writing a checks or paying bills to 1099 vendors. Before doing so, I recommend checking with your Accountant for help in clarifying this since they approve the reserve account to be set under Equity/Paid in Capital account.
For more details about 1099, see below articles:
Let me know if you have further questions or other concerns. I’ll be right here to assist further. Take care and have a great day.
Thank you. I have read those articles. Here's my follow up question. When you say "In your case, you have the option to change the account, rename, or create a new expense accounts" can you please tell me how to rename an account to make it appear in my drop down? It seems like only a change in TYPE of account will make it show up. Rephrasing, how are accounts chosen by quickbooks to be displayed in that drop down box? Can I do anything other than changing this account from equity to another type of account to get it included in the drop down box, and therefore on the 1099? I'd hate to have to do this manually when it's one of the benefits we weighed when choosing quickbooks online. Thank you.
The accounts on the drop-down are shown in your register, Hbb.
These accounts are other current assets, other current liabilities, and expenses. If you want some accounts to show on the drop-down, you'll have to change the type.
Here's how you can edit an account:
You may also refer to this article for more information: Learn about the chart of accounts in QuickBooks.
If you have other concerns, don't hesitate to let us know. We're around to help you out. Take care!
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