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How do I reverse a failed direct deposit to a contractor? It is showing on a 1099 and needs to be removed from Vendor total.

 
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How do I reverse a failed direct deposit to a contractor? It is showing on a 1099 and needs to be removed from Vendor total.

Hi, kellie-block.

 

I'm here to help and ensure that the failed direct deposit will not show on your vendor's total so you can process 1099.

 

If the payment is not yet processed, you can void or delete the transaction. To void it, here's how:

 

  1. Go to Expenses and select Expenses.
  2. Find the transaction, then open it.
  3. Select More to void or delete.
  4. Select Yes to confirm the action.

However, if this payment was processed already, you can create a journal entry to offset the amount. Using this  feature requires the assistance of an accountant. Your accountant can help and guide you on which account to debit and credit. See the steps below:

 

  1. Select New ⨁.
  2. Select Journal entry. Or if you're in Business view, switch to Accountant view first. Then come back to these steps.
  3. Fill out the fields to create your journal entry.
  4. Select Save and new or Save and close.

To learn more about direct deposit and 1099 filing, check these out:

 

We make great efforts to ensure you're taken care of. You can reach out to me if there's anything else you need. You have a wonderful day!

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