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Best answer May 15, 2024
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The journal entry won't work with vendor payments tracked for 1099, @tchappell. I'll explain the details about this and provide additional information to help you record them correctly in QuickBooks Online.
Since Journal Entries are not expense transactions, this will not show and be reported on the vendors' list and in the 1099 tax forms. The transactions you can only see on each vendor's profile are transactions you've created for them, like bills, checks, expenses, and purchase orders.
With that said, the best option you can do is to delete this entry. I also recommend consulting with your accountant. Deleting it can make your account unbalanced. I'll lay down the steps to remove them permanently:
- Go to the Gear icon and select the Chart of Accounts.
- Locate the account you create the journal entry for and click View Register.
- Look for the entry in the account register, then hit the Delete option.
- Choose Yes to confirm.
I'll leave this article for more information about reversing or deleting a journal entry in QuickBooks Online.
Then, recreate the commission payments as checks, expenses, or bill/bill payments. By this, they will show on the list and be easier for you when preparing the 1099 forms.
Furthermore, filing your 1099s through QuickBooks will be beneficial so you don't have to file them yourself and stay compliant with the IRS.
Additionally, there are vendor reports available in the program that display vendor-related transactions with totals.
I'd be glad to hear how this goes on your end. If you need further assistance managing your vendor payments tracked for 1099, you're always welcome to add a comment below. I'll be here to assist you. Have a nice day!
The journal entry won't work with vendor payments tracked for 1099, @tchappell. I'll explain the details about this and provide additional information to help you record them correctly in QuickBooks Online.
Since Journal Entries are not expense transactions, this will not show and be reported on the vendors' list and in the 1099 tax forms. The transactions you can only see on each vendor's profile are transactions you've created for them, like bills, checks, expenses, and purchase orders.
With that said, the best option you can do is to delete this entry. I also recommend consulting with your accountant. Deleting it can make your account unbalanced. I'll lay down the steps to remove them permanently:
- Go to the Gear icon and select the Chart of Accounts.
- Locate the account you create the journal entry for and click View Register.
- Look for the entry in the account register, then hit the Delete option.
- Choose Yes to confirm.
I'll leave this article for more information about reversing or deleting a journal entry in QuickBooks Online.
Then, recreate the commission payments as checks, expenses, or bill/bill payments. By this, they will show on the list and be easier for you when preparing the 1099 forms.
Furthermore, filing your 1099s through QuickBooks will be beneficial so you don't have to file them yourself and stay compliant with the IRS.
Additionally, there are vendor reports available in the program that display vendor-related transactions with totals.
I'd be glad to hear how this goes on your end. If you need further assistance managing your vendor payments tracked for 1099, you're always welcome to add a comment below. I'll be here to assist you. Have a nice day!
To accurately record your historical payments, you need to manually reconcile your account to keep your records up to date, Bluefrogschool. Let’s explore the details further below.
First, you need to record your transactions. Since you are using your account for business purposes, make a journal entry to document the business expenses paid with personal funds.
Here's how:
- Select + New and choose Journal Entry.
- On the first line, select the expense account corresponding to the purchase.
- Enter the purchase amount in the Debits column.
- On the second line, select Partner's equity or Owner's equity.
- Enter the same purchase amount in the Credits column.
- Once done, select Save and close.
Subsequently, you can manually reconcile it by placing R status in the Reconcile (✓) column. Here's how:
- In QBO, go to the Accounting menu on the left pane.
- Proceed to the Chart of Accounts.
- Locate the bank account in question, then click View register and look for the recreated transaction.
- Under the Reconcile (✓) column, click the blank field to mark the transactions as reconciled (R).
- Hit Save and select Yes to confirm.
I'd also recommend contacting your accountant for guidance to help you guarantee the accuracy of your records in QBO. If you don't have an accountant, I can help you find one. For more details, please visit this page: Find a QuickBooks ProAdvisor.
Moreover, for additional assistance on manually reconciling bank transactions and removing their reconciled status, you can consult this article: Undo or remove transactions from reconciliations in QuickBooks Online.
Furthermore, please read this article for detailed instructions on how to modify and generate reports in QuickBooks Online: Run a report in QuickBooks Online.
Keep your post coming if you have further questions about reconciling your historical payments in QuickBooks Online. The Community is always here to lend a hand.
