One of the greatest tools in QuickBooksTM is the ability to print 1099′s from within QuickBooksTM.
To set up your system for this feature, go to the preferences, from the Edit menu, then click on Tax: 1099 on the left side, then on the company preferences tab.
Answer the question, “Do you file 1099-MISC forms?”, yes. Then under the account column across from Box 7: Nonemployee Compensation, click the account(s) to which you have coded your vendors that are eligible for 1099′s. click OK.
Make sure that you have coded all of your vendors as eligible for 1099′s and have entered their address and social security number. You can access all of these fields on the “Additional Info” tab after clicking on Edit Vendor for each applicable vendor in the Vendor Center.
Run a QuickBooksTM 1099 detail report to verify that all of the information is correct. You can create this report by going to the reports menu, then choose vendors and payables, and then click 1099 detail. You can alter the report by changing the “1099 Options” at the top of the report, which will give you more information to review.
Once you have set your preferences and verified all your eligible vendors have complete information, it’s time to print your 1099′s. Be sure to purchase preprinted, red paper stock from an office supply store. Your 1099′s must be printed on this particular paper stock or they will not be accepted. Then go to the Vendor menu, click on Print 1099′s/1096 and click on Print 1099′s. From the print screen you will be given the choice to print 1099′s or 1096.