Why are the NEC and MISC reports not segregating the NEC and the MISC? Please see attached. My NEC report is combining the mapped out NEC with my mapped out MISC?? How do I print reports showing them as separate for proper filing? One would think that is what Quickbooks DT is going to do under those two new tabs for printing 1099's but that's not happening. What am I doing wrong? THANKS
Let me also share the following guide for additional resources. It outlines the complete steps on how to configure your chart of accounts for the 1099-MISC and 1099-NEC filing: How to modify the accounts.
Please let me know if I can be of further assistance. I’ll be happy to lend a helping hand. Have a good one.
Hmmm, I'm beginning to think I'm not articulating the issue properly.
Keep in mind this is for the SAME VENDOR;
1) I am wondering WHY when I print my vendor 1099 summary for MISC & NEC the dollars do not segregate NEC vs MISC? It totals both although mapped properly as they should be now.
because of this
2) when I attempt to report my NEC, it is INCLUDING my MISC (Rent)? See attachment.
What am I doing wrong? I'm pretty sure I've mapped correctly, is this a law in the system? Am I missing a step somewhere? Do I need to "omit" to generate a 2nd report for MISC? I am really at a loss here, I can't be the only one having this issue?
The rent payment is showing in your Form 1099-NEC report because you're only using one set of accounts in paying your vendors. To segregate the payments, you'll have to create a new list of accounts to report the amounts to the new 1099-NEC tax form. I'll show you how:
Choose Lists from the top menu bar, then go to Chart of Accounts.
Click the Account drop-down menu, then select New to create a new account.
For the account type, select Expense, Other Expense, or COGS, then click Continue.
Enter the account name and other details such as description, note, and tax-line mapping.
Click Save & Close.
Repeat this process for each new account to be reported on the tax forms.
Once done, you can either create a journal entry or edit existing payments to move amounts to the newly created 1099-MISC/NEC accounts. Follow these steps to add a journal entry:
Select Company from the top menu bar, choose Make General Journal Entries.
Fill out the necessary fields, then make sure that your debits equal your credits.
Select Save & Close or Save & New.
Repeat this process for each payment you need to move.
Here's how to edit existing vendor payments:
Select Vendors from the top menu bar, then choose Vendor Center.
Pick a vendor, then locate the transactions you need to modify.
Double-click the payment to open it.
Change the expense account, then click Save & Close.
Select Yes to confirm the changes.
Repeat this process for each payment you need to edit.
Then, run your 1099 Summary or 1099 Detail report again to check the changes.