We have a vendor whom we pay a mortgage payment with interest. I understand that we need to issue a 1099 for the interest.How do I set this up in Quickbooks?

Hello there, speedysstorage. While QuickBooks Online primarily supports the preparing and filing of 1099-MISC and 1099 NEC forms, it does not directly support 1099-INT. However, there's a workaround that can help accomplish your goal in setting this up.

First, you'll need to create an expense account for the interest, then map the interest-receiving vendors to Box 2 (Royalties) on the 1099-MISC form. When printing the 1099-INT details, you can print them on pre-printed paper by selecting the 1099-MISC form.

To create an expense account: 

1. Head over to the Transactions menu, then select Chart of Accounts.
2. Click New. In the Account Type section, choose Expense.
3. Complete the necessary fields.
4. Once completed, Save.
    

To map the account to Royalties | Box 2 on the 1099-MISC form, you can follow these steps:

1. Hover over the Payroll menu. Select Contractors.
2. Choose Prepare 1099s.
3. Verify all your company details. Click confirm the info and start filling in.
4. Select the accounts used for your 1099 expenses or payments and interest.
5. Map the account to Royalties | Box 2 on the 1099-MISC form.
6. Review the reportable total amount for each contractor. Proceed to Next.
    

For more guidance, here are some helpful resources to learn about who needs 1099s and get a detailed summary of your company's payroll expenses:

• Create and file 1099s.
• Run payroll reports.
• Get answers to your 1099 questions. 

By applying the provided workaround, you can effectively prepare your 1099-INT form. Should you require further assistance, please do not hesitate to reach out. I'm always here for you, speedysstorage. Have a pleasant day ahead!