Need some easy steps to collect W9s from your clients? Our Firm of the Future shared three easy steps for QuickBooks Online users. Here is what they said:
Step 1: Identify whose W-9 is missing
- Go to Expenses > Contractors or Payroll > Contractors in QuickBooks Online.
- Check contractors' status:
- Green Checkbox: W-9 information saved in QBO.
- Gray Clock: Contractor invited but hasn't filled out information.
- Orange Checkbox: Contractor not invited.
- Check the Vendors list for missing contractors and edit to enable "track for 1099" if needed.
Step 2: Sending reminders or invitations to complete W-9 information.
- For contractors without a green check, click "Finish Setup and Pay" or add their email to send an invite.
Step 3: Readiness for 1099 Filings
- Monitor the status in QuickBooks Online; aim for "W-9 ready."
- A green status checkmark indicates sufficient information for 1099 preparation for manual entries.
- To download the W-9 form, access the contractor profile and navigate to documents.
Following these three steps, you can efficiently collect W-9 information, ensuring readiness for the 1099 season. This streamlined process saves time, especially with the new IRS filing limit changes, making e-filing more manageable for clients. For a video presentation, I encourage you to review the article for visual learners like myself! Take care, and have a great day!
