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inouyal
Level 1

1099-NEC preparation, same FEIN, but two different QB companies

Our company acquired another company during 2021. Both companies use QB, but different versions, QBE and QBDT, respectively. Our company continues to use the original (acquiree's) FEIN. We have access to the other company's QB. How can we, in the most efficient manner, produce the 1099-NEC's and related 1096? Do we need to download the data from each QB (acquiree's QB and our QB) and combine them in MS Excel, then manually prepare the forms? I am looking for the most elegant and efficient solution. Thank you.

Solved
Best answer October 12, 2021

Best Answers
AlcaeusF
Moderator

1099-NEC preparation, same FEIN, but two different QB companies

Hello @inouyal,

 

Thank you for posting here in the Community. I can help you handle the data you need from two different company files in QuickBooks.

 

Once the 1099 forms for the current tax year are available, you'll get an option to Print or E-file them. I recommend using the Print option to produce a copy of the data you need.

 

I will share the steps below on how to prepare the forms. You may need to repeat the instructions to print 1099-NEC and 1096 separately.

 

Here's how:

 

  1. Click the Vendors tab at the top menu bar.
  2. Hover your cursor to 1099 Forms, then select Print/E-file 1099 Forms.
  3. Create a back up copy of the company file.
  4. Press Get started for the 1099 form you want to create and proceed with the necessary information.
  5. Select vendors that need 1099 form and hit Continue.
  6. Verify the vendor information is correct and click Continue.
  7. Map the vendor payment accounts. 
  8. Follow the instructions until the last part, then press View Summary Report.
  9. In the Choose a filing method window, select the Print 1099-NEC button. 1.JPG
  10. Specify the date range for the forms and choose OK, hit Print 1099.

 

Since you have separate data from a different company file, yes, you'll need to download the data. For preparing the forms, I suggest seeking expert advice from an accountant.

 

They'll be able to provide clarification if you can combine the data under the same FEIN or file them separately. By doing so, we'll be able to ensure your books are accurate and error-free.

 

To review and download your 1099 information through reports, please follow these steps:

 

  1. Click the Reports tab at the top menu bar.
  2. Hover your cursor to  Vendors & Payables.
  3. Select either 1099 Summary or 1099 Detail.
  4. Click the Export drop-down. 
  5. Hit Export to Excel.

 

For more information, as well as how to E-file your 1099s directly in QuickBooks, I recommend the following article: Create and file 1099s with QuickBooks Desktop.

 

Keep us posted if you need anything else regarding acquiring 1099 data in QuickBooks. Have a great day.

View solution in original post

1 Comment 1
AlcaeusF
Moderator

1099-NEC preparation, same FEIN, but two different QB companies

Hello @inouyal,

 

Thank you for posting here in the Community. I can help you handle the data you need from two different company files in QuickBooks.

 

Once the 1099 forms for the current tax year are available, you'll get an option to Print or E-file them. I recommend using the Print option to produce a copy of the data you need.

 

I will share the steps below on how to prepare the forms. You may need to repeat the instructions to print 1099-NEC and 1096 separately.

 

Here's how:

 

  1. Click the Vendors tab at the top menu bar.
  2. Hover your cursor to 1099 Forms, then select Print/E-file 1099 Forms.
  3. Create a back up copy of the company file.
  4. Press Get started for the 1099 form you want to create and proceed with the necessary information.
  5. Select vendors that need 1099 form and hit Continue.
  6. Verify the vendor information is correct and click Continue.
  7. Map the vendor payment accounts. 
  8. Follow the instructions until the last part, then press View Summary Report.
  9. In the Choose a filing method window, select the Print 1099-NEC button. 1.JPG
  10. Specify the date range for the forms and choose OK, hit Print 1099.

 

Since you have separate data from a different company file, yes, you'll need to download the data. For preparing the forms, I suggest seeking expert advice from an accountant.

 

They'll be able to provide clarification if you can combine the data under the same FEIN or file them separately. By doing so, we'll be able to ensure your books are accurate and error-free.

 

To review and download your 1099 information through reports, please follow these steps:

 

  1. Click the Reports tab at the top menu bar.
  2. Hover your cursor to  Vendors & Payables.
  3. Select either 1099 Summary or 1099 Detail.
  4. Click the Export drop-down. 
  5. Hit Export to Excel.

 

For more information, as well as how to E-file your 1099s directly in QuickBooks, I recommend the following article: Create and file 1099s with QuickBooks Desktop.

 

Keep us posted if you need anything else regarding acquiring 1099 data in QuickBooks. Have a great day.

View solution in original post

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