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I paid a subcontractor out of pocket on a Saturday. I was then reimbursed for the money, but i need to make sure the money hits the subcontractor account for 1099 reporting and taxes. What entry should be made to correct?
Anyone??
Let me help you review the contractor payments posted to the correct account for 1099 reporting and taxes, Kkastelic.
You can create either a bill or check transactions to post it on the subcontractor account for 1099 reporting and taxes. Then, QuickBooks uses the expense accounts you mapped to report 1099 transactions. We can review the contractor payment transactions and accounts associated with them. Here's how:
If you need to fix some issues with 1099 data, you can click this article: Fix missing contractors or wrong amounts on 1099s. Also, QuickBooks Online (QBO) is compliant with the IRS in tracking 1099. It doesn't allow certain electronic payments to be reported on Form 1099-MISC or 1099-NEC. These payments include credit cards, debit cards, gift cards, or PayPal payments. Thus, QuickBooks Contractor Payments automatically excludes these for you.
Here are some resources that you might need for additional information about managing 1099s:
I'm always around if you need further assistance with managing your 1099 transactions. It's my pleasure to help.
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