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You're reading from  Mastering QuickBooks 2024 - Fifth Edition

Product typeBook
Published inDec 2023
PublisherPackt
ISBN-139781835469958
Edition5th Edition
Concepts
Business Management
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Author (1)
Crystalynn Shelton
Crystalynn Shelton
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Crystalynn Shelton

Crystalynn Shelton is a licensed CPA and small business advisor specializing in financial accounting software training, coaching, and consulting. She has written two Amazon Bestsellers, Mastering QuickBooks 2020 and Mastering QuickBooks 2021. In addition to having experience as a small business owner, she has more than 20 years' experience in providing accountancy consultancy in the entertainment, oil and gas, education, and computer technology fields. Crystalynn is an Advanced Certified QuickBooks ProAdvisor and has taught accounting, bookkeeping, and QuickBooks courses for the last 12 years at the University of California at Los Angeles Extension. When she is not in the classroom, Crystalynn enjoys trying new restaurants and curling up with a good book!
Read more about Crystalynn Shelton

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Setting up 1099 contractors

It’s important to set up 1099 contractors correctly in QuickBooks to ensure payments are tracked for 1099 reporting purposes. Within the last year, there have been significant improvements made in QBO to streamline the process of setting up and tracking payments to 1099 contractors. In previous years, you would have to set up a contractor in the Vendor Center and flag the vendor as a 1099 contractor. In the most recent version of QBO, there is now a Contractors Center that allows you to collect the information normally provided on a W-9 form electronically. A W-9 form is similar to a W-4 form for an employee. It includes the vendor’s name, mailing address, business entity type (sole proprietor, partnership, S-Corp, or C-Corp), tax ID number, and signature.

To set up a new contractor, you simply send an invitation to them, which requires them to create a user ID and password. Once they do so, they can complete the W-9 form online. Once...

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Mastering QuickBooks 2024 - Fifth Edition
Published in: Dec 2023Publisher: PacktISBN-13: 9781835469958
© 2023 Packt Publishing Limited All Rights Reserved

Author (1)

author image
Crystalynn Shelton

Crystalynn Shelton is a licensed CPA and small business advisor specializing in financial accounting software training, coaching, and consulting. She has written two Amazon Bestsellers, Mastering QuickBooks 2020 and Mastering QuickBooks 2021. In addition to having experience as a small business owner, she has more than 20 years' experience in providing accountancy consultancy in the entertainment, oil and gas, education, and computer technology fields. Crystalynn is an Advanced Certified QuickBooks ProAdvisor and has taught accounting, bookkeeping, and QuickBooks courses for the last 12 years at the University of California at Los Angeles Extension. When she is not in the classroom, Crystalynn enjoys trying new restaurants and curling up with a good book!
Read more about Crystalynn Shelton

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