Hoping for input from experienced users ... like Big Red, if possible ....
I'm still struggling trying to understand some previous comments on another thread about the dangers of removing 1099 flags in conjunction with redoing the GL numbering fiasco.
The existing COA does not follow the standard GL numbering scheme, has multiple AR and AP accounts that were not reconciled, has 1099 flags on many accounts that are not correct, and some GL accounts with numbers and some without numbers. Trying to code invoices is quite a challenge at times.
** I want to re-number the GL using standard format. I know how to do this.
** Some accounts are sub-accounts that should stand on their own or even be master accounts for others. Big Red showed me that I can change these.
** I would like to have only 1 AR account and 1 AP account, and the others should be "Other Current Assets / Liabilities.
** I want to remove all the 1099 flags from GL #'s, and re-assign them after the re-numbering is done. Doing so will not impact the 1099 reporting that has already occurred, only the reporting going forward. I have been given advice not to do this because it may cause duplicate filing or other problems. I don't understand how it would duplicate filing because of the way the 1099 process in QB works. It should only look at the flag and the dollar amount of charges to that GL for vendors flagged as needing a 1099 ... no? I need someone to tell me how a duplicate filing would occur. Past reports have already been filed, those would not change.
** I would love to know an easier way to remove 1099 flags than the arcane way QB seems to have in setting up 1099 flags. Why this isn't part of creating a vendor profile, I have no idea. That would be the most logical and understandable method. Anyone know of a better method than the usual QB method?
I can't be the only person that has faced this kind of situation. I really want to hear from someone working in accounting, not just the QuickBooks Team. The experience of living through this kind of situation and implementing corrections is invaluable and that is what I need to hear from ... the "real world" is different than the Intuit theoretical world.
I know this is long and maybe complex. I would really appreciate some clear and thorough advice on this.
