If you are like most small business owners, you probably have 1099 accounts that you need to track and report on in QuickBooks Desktop. This guide will show you how to quickly and easily map 1099 accounts in QuickBooks Desktop.
How to Map 1099 Accounts in QuickBooks
[ytvideo]How to Map Accounts in QuickBooks Desktop
1.Open QuickBooks Desktop
2.Select the File tab
3.Select Options
4.Select the Accounts and Report Settings option
5.Select the 1099 Accounts tab
6.Select the account you would like to map
7.Select the Type drop-down menu
8.Select the type of account you would like to map
9.Select the Province drop-down menu
10.Select the province you would like to map
11.Select the Territory drop-down menu
12.Select the territory you would like to map
13.Select the Type of Business drop-down menu
14.Select the type of business you would like to map
15.Select the Tax ID Number (TIN) drop-down menu
16.Select the tax ID number you would like to map
17.Select the Date of Birth drop-down menu
18.Select the date of birth you would like to map
19.Select the SSN drop-down menu
20.Select the social security number you would like to map
21.Select the Email Address drop-down menu
22.Select the email address you would like to map
23.Select the Filing Status drop-down menu
24.Select the filing status you would like to map
25.Select the Business Entity drop-down menu
The Benefits of Mapping Accounts in QuickBooks Desktop
- Mapping 1099 accounts in QuickBooks Desktop helps to better organize and understand your financial data.
- Improved data analysis can help you to better manage and optimize your business finances.
- Mapping 1099 accounts in QuickBooks Desktop can also help you to identify potential reporting issues and correct them before they become serious.
- Mapping 1099 accounts in QuickBooks Desktop can also help you to better understand your company’s financial performance.
- Mapping 1099 accounts in QuickBooks Desktop can help you to identify potential tax issues and correct them before they become costly.
- Mapping 1099 accounts in QuickBooks Desktop can help you to better identify and manage your company’s liabilities.
- Mapping 1099 accounts in QuickBooks Desktop can help you to better understand your company’s financial position.
- Mapping 1099 accounts in QuickBooks Desktop can help you to make better business decisions.
How to Get Started with Mapping Accounts in QuickBooks Desktop
Mapping Accounts in QuickBooks Desktop
If you are like most small business owners, you probably use QuickBooks to keep track of your finances. You may also use QuickBooks to track your 1099 income. If you have 1099 income, you need to map your QuickBooks accounts to receive your income.
QuickBooks offers a simple way to map accounts. To map an account, open QuickBooks and select the Accounts icon in the main window. Select the account you want to map and click the Map button. QuickBooks will display the Map Account dialog box.
In the Map Account dialog box, you will need to provide the following information:
Account Name
This is the name of the account in QuickBooks.
Income Account
This is the account in QuickBooks where you will receive your 1099 income.
You may also want to map other accounts to receive your 1099 income. For example, you may want to map your bank account to receive your 1099 income. You can map an account by providing the account number and the routing number.
When you map an account, QuickBooks will create a new account in QuickBooks for you. If you do not want to create a new account, you can select the Use Existing Account option and enter the account name and account number.
After you map an account, QuickBooks will automatically enter the appropriate information in the Account Name field of
The Different Types of Accounts You Can Map in QuickBooks Desktop
In QuickBooks desktop, you can map 1099 accounts into three types of accounts:
Income Accounts: These are accounts that track income, such as a salary or commission income.
Expense Accounts: These are accounts that track expenses, such as office supplies or marketing costs.
Income and Expense Accounts: These are accounts that track both income and expenses, such as a business’s gross income and its spending on expenses, such as salaries and marketing costs.
How to Choose the Right Accounts to Map in QuickBooks Desktop
- Start by creating a list of all the 1099 accounts you’ll be mapping in QuickBooks Desktop.
- Once you have a list, start by sorting your list by account type.
- Once your list is sorted, start by looking at the smallest account type on your list.
- Next, decide which of the accounts on your list will be the main account and which of the accounts will be the supporting account.
- Once you have decided which account will be the main account and which account will be the supporting account, you can begin mapping the accounts in QuickBooks Desktop.
- First, map the main account in QuickBooks Desktop.
- Next, map the supporting account in QuickBooks Desktop.
- Finally, add any additional information you need to each of the accounts in QuickBooks Desktop.
- Once you have completed mapping the accounts in QuickBooks Desktop, you can close QuickBooks Desktop and begin preparing your 1099 tax returns.
Conclusion
If you are like most small business owners, you likely have 1099s (tax forms for independent contractors) from contractors you have hired in the past.
Fortunately, mapping 1099 accounts in QuickBooks Desktop is a breeze. Here are four steps you can take to get started:
1. Open QuickBooks Desktop and select File > New > Project.
2. In the New Project dialog box, select 1099 from the Project Type menu and enter the name of your project in the Project Name field.
3. Click the Create button.
4. In the 1099 Accounts window, select the contractor accounts you want to map.
5. Click the Map
