Faster! Easier! Those are two words that describe how QuickBooks Online can handle your standard service vendor 1099s. Don’t worry that you haven’t QBO’d your 1099s before, QBO guides you through each step. By nature QBO companies have no, or very minimal, job costing which means there is no need to remap or change “account types” to create 1099s. Although my favorite 1099 detail and summary reports are not available in QBO there are a couple handy reports to use: Expenses by Vendors, and Transactions by Vendors, but there is not a customize reports option for 1099 vendors. I personally like to toggle between views. FYI, at the end of printing the 1099s there is a printable 1099 summary.
To prepare 1099s you must be using QuickBooks Online Plus, if you are using Simple Start or Essentials you will need to upgrade.
Printing 1099s from QuickBooks Online:
1) After selecting Vendors from your Navigation Bar choose Prepare 1099s.
QBO Vendor Bar - 1099s
QBO has a similar 1099 Wizard to QuickBooks Desktop – but the workflow from start to finish is easier to follow. While the workflow of 'desktop' is Vendors, Accounts, Company, Review in QBO it just makes more sense: Company, Accounts, Vendors, Review.
2) Confirm your Company information
QBO 1099 Company Info
3) Confirm that your Accounts (or the appropriate accounts) are assigned for 1099 categories
QBO 1099 Accounts
4) Confirm your 1099 vendors – if vendors are missing details (like mine in this sample file) they can be added now by selecting Edit or if you are missing required vendors add them by clinking into the Select 1099 vendors tab
QBO 1099 Vendors
Make certain that all of your vendors who should receive 1099s have been selected.
QBO 1099 Vendor Selection
5) Review your 1099s - Throughout this processes you can save and continuing editing later. We all get it that those W-9s (with vendor information) are not always at your fingertips. Before printing there is one more chance to review your 1099 vendors.
6) Choose how you want to file the 1099s – Printed paper forms or E-filing.
QBO 1099 Filing options
You made it, now you can say you have QBO’d your 1099s!