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H
HushDev
January 24, 2022
Question

I am reconciling end of year 1099s

  • January 24, 2022
  • 1 reply
  • 0 views

I am reconciling 1099-NEC and MISC payments for the first time and notice that some electronic payments made last year are recording twice, how do I correct this?  For these transactions, I entered their invoice as a invoice or expense and paid them separately through our Zelle business account (a linked cash account). Throughout the year, I matched these zelle transactions to their respective contractor but it seems like the payments have duplicated therefore it looks like I've paid these contractors much more than I actually have.  How do I correct this?

1 reply

M
MadelynC
January 24, 2022

I’m here to help so you can successfully reconcile 1099s payments in QuickBooks, @HushDev.

 

When paying contractors through direct deposit, make sure to select the expense account where QuickBooks will record the expenses. It should not be the bank account where the payments are debited from. This keeps your payments organized.

 

To get rid of those duplicates, you can manually delete them in your Bank Register. I’ll show you how:

 

  1. Select Accounting from your left pane.
  2. Choose Chart of Accounts.
  3. Go to the account you’re trying to reconcile.
  4. Press the View register link.
  5. Locate and select the duplicate transactions, then click Delete.

 

You can take a look at this guide to learn more about paying your contractors using direct deposit in QuickBooks or Intuit Payroll: Pay a contractor with direct deposit.

 

Once everything’s good, you can use this information to make sure the amounts match your real-life bank: Learn the reconcile workflow in QuickBooks. It includes troubleshooting instructions and ways to make changes after you reconcile.

 

If you need further assistance in reconciliation, please don’t hesitate to tap the Reply button below. I’ll be here to help. Always take care!

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