QuickBooks business accounting software is richly featured with potential features that perform the accounting and financial tasks automatically enhancing the accuracy of the output. The software not only assisting in easing the business functionalities but only saves money and time that can be used in further business development. Of all the features we will discuss about the how the QuickBooks Desktop feature impacts 1099 reporting.

When the first time QuickBooks users are given training and while doing some kind of data entry, in case a checking/debit transaction is being posted it is not supposed to be EFT, Debit or any other word in the check number (Ref. No.) field. When you are doing bank reconciliation of checking accounts, all the checks should appear in numerical order on the bank reconciliation screen. In case you enter word like EFT” in the check number field, while sorting the transactions on the bank reconciliation screen with the check number. It is the usual suggested process as the debit transactions are in alphabetical order. So those checks without check number will appear at the top, according to mentioned date (date wise order) and those checks with check number will follow the numerical order.

In case you any word the order will be like:

• Date order for those checks whose check number field is blank i.e. those checks that do carry a specific check number.
• Chronological (order according to alphabets) order, for those checks that carry a specific check number in the number field no matter the date is mentioned over it or not.
• Check number order, at bottom, for all checks written.

It is inefficient to reconcile a bank statement that does not have a check number. The check number field is blank. It is similarly difficult for the checks with the like Debit, EFT etc. The reconciliation process takes lot of time while reconciling long statements. Checks with check numbers are very easy to reconcile.

QuickBooks Desktop “Write Check” 1099 Feature

Learning more about the feature in case you enter following words in QuickBooks Desktop check number field the accounting program automatically eliminate the payment from 1099 amounts: Debit, DBT, DBT card, DCard, Debit cd, Visa, Masterc, MC, MCard, Chase, Discover, Diners, PayPal etc.

With the employment of 1099- K, it nowhere relates to the changes in 1099 regulations that had been amended years back. Now the 1099 payments are not reported that are prepared by the vendors by credit card, debit card, or PayPal. In the current time QuickBooks will acknowledge those payments from a checking account, in case you input the right word in the Ref. No. field and eliminate them from 1099 reporting.

Note: Remember the QuickBooks Desktop “Write Check” feature in QuickBooks Desktop version and the QuickBooks Online version functions differently.

The new QuickBooks Desktop feature may not favor bank reconciliation because of the sorting problem, the correct 1099 amounts for vendors that may be paid both by check and by debit card or PayPal.

For more details over this QuickBooks Desktop feature you can contact QuickBooks customer service phone number. The number connects you with an experienced and knowledgeable QuickBooks expert who will instantly provide you all the answers to your queries. You can reach to our LIVE & get instant QuickBooks services.