If you do not have a vendor ID number, have them complete this form as soon as possible. All eligible 1099 vendors should complete IRS Form W-9 (Request for Taxpayer ID) when engaged for services.Click on the Tax Settings tab and verify the tax ID is correct and check the box that they are eligible for 1099s. Verify the names and addresses are correct. Find your 1099 eligible vendors in the Vendor Center and double click them to edit.Make sure your vendors are set up properly: Click Yes to filing 1099-MISC forms option.Open QuickBooks Desktop, go to Edit tab and select Preferences.
Once you have set up your new general ledger expense account in your QuickBooks file, you can edit the vendor payments to move them from one general ledger account to another. A single account can only be used for each form. If you need to file both the 1099-NEC and the 1099-MISC for the same vendor, you will need to create a new general ledger expense account for the vendors that will be reported on the 1099-NEC. New for 2020: The IRS has separated nonemployee compensation onto a new form called the 1099-NEC.
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