Account mapping.QuickBooks Year End To Dos. preparation tips.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Edit existing contractor payments Select Vendors then Vendor Center. You can update the vendor record accordingly, changing the tax ID and if applicable un-marking eligible for when a corporation. You can also adjust the option to narrow your form type. Select Next. After you check each vendor for the eligibility, you can start mapping the accounts.
 
 

– Modify your chart of accounts for your MISC and NEC filing

In such a situation, you should first check if the vendors are eligible for If so, their names will be entered into the report or list. To know how to check if the vendors are eligible, check out the following steps:. Once done, you can repeat the same procedure for other vendors. Make sure these vendors should be eligible for This should be noted when you map the accounts, select the Show all accounts all the accounts from the Chart of Accounts or Show accounts the accounts that you used on a transaction for vendors either.

If preferred you can sort the chart of accounts again in order to solve the odd behavior and make your list come to the default order. Now that you have verified the eligibility of vendors, the accounts can be mapped now. Learn here how to map accounts in QuickBooks Desktop:. The account assigned previously to Box no. For NEC, the applicable accounts apart from those you used for the Nonemployee Compensation now need to be assigned. After that, you will have to run the Summary Report. This will help you to verify all the modifications you have made.

All you have to toggle between the types of to see each report. If you want to check if the account mapping has been confirmed for the vendor payments then you can go through the following steps:. On the next page, you can check account mapping for This is how you can confirm that the account mapping has been done successfully in QuickBooks Desktop.

To map the accounts, you will go through the Vendors menu in QuickBooks Online. Follow steps for your version of QuickBooks.

Note : Not sure which payroll service you have? Here’s how to find your payroll service. Choose Reports. Search for the Transaction Detail Report. This will allow you to map the accounts as you go through the process. You can also use the Contractor Balance Detail or Contractor Balance Summary reports if either of them add more information.

Step 2: Add a new account Add a new account to your Chart of Accounts to track the separate payments. Select New. Select the option you see below for next steps. To narrow the scope of account types, you can select one of the account type buttons above the dropdown. Note : Subaccounts appear indented in this dropdown menu, while parent accounts aren’t.

Learn more about parent accounts and subaccounts. Learn more about detail types. Enter a name in the Account name field. When you’re done, select Save. In the Category name field, enter a name for the category subaccount. Select Next. Select the new Expense subaccount. Step 2: Create a Summary report Identify the amounts paid and to which accounts. Choose either Summary or Detail. Note: Reports will default to the Last Calendar Year, so be sure the report is set up for the correct date range next to Dates at the top of the report.

Use the Summary to identify the vendors and the Detail to identify the transactions. Review the totals under to determine what amounts may need to be moved.

Important : Once you edit your accounts or payments, your previous reports will update and not reflect prior year filings. You may want to print these reports for your records before making any adjustments. Step 3: Create a new account Add a new account to your Chart of Accounts to track the separate payments. Go to Lists , then select Chart of Accounts. Select the Account dropdown, then choose New to create a new account.

Step 4: Move the payments to the new account. Fill out the fields to create your journal entry. Repeat this process for each payment you need to move. Edit existing contractor payments Select Vendors then Vendor Center.

Choose the vendor and locate the transactions you need to edit. Double-click to open the transaction to make your edits. Repeat this process for each payment you need to change.