Book Image

Mastering QuickBooks 2022 - Third Edition

By : Crystalynn Shelton
Book Image

Mastering QuickBooks 2022 - Third Edition

By: Crystalynn Shelton

Overview of this book

Whether you have bookkeeping experience or not, handling the financial side of your growing business requires expertise. With Mastering QuickBooks® 2022, Third Edition, you’ll learn how to use QuickBooks® to build the perfect budget, simplify tax return preparation, manage inventory, track job costs, generate income statements and financial reports, and perform all accounting-related tasks with ease. Throughout the book, you’ll be guided by an experienced Certified Public Accountant and Advanced Certified QuickBooks ProAdvisor – from setup to core features and beyond. This new edition has every chapter revised to cover a range of new features and updates available, including smart invoicing and cash flow projections. You'll learn how to create multilingual invoices, track mileage, work with a cash flow dashboard that helps you with cash forecasting and planning reports, and upload batches of bills and checks. This book will also teach you how to manage sales tax, including how to set up, collect, track, pay, and report sales tax payments. In addition to this, you’ll explore how to export reports to Google Sheets, use the custom chart builder, import budgets, and perform smart reporting. By the end of this book, you'll be well-versed with QuickBooks and have the confidence to manage all your bookkeeping tasks with ease.
Table of Contents (27 chapters)
Free Chapter
Section 1: Setting Up Your Company File
Section 2: Recording Transactions in QuickBooks Online
Section 3: Generating Reports in QuickBooks Online
Section 4: Managing Employees and Contractors
Section 5: Closing the Books and Handling Special Transactions
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Managing 1099 Contractors in QuickBooks Online


If you hire an individual to perform services for your business and they are not an employee, they are considered an independent contractor (also known as a 1099 contractor). Payments to 1099 contractors must be tracked so that you can report this information to the Internal Revenue Service (IRS) at the end of the year. To ensure that payments are tracked properly, you will need to set up contractors in QuickBooks; add an account to post all payments to; pay contractors with a paper check, electronic fund transfer (EFT), or debit/credit card; and provide a 1099 form to all the contractors who meet the threshold at the end of the year. If the total payments to a contractor equal $600 or more, you must issue a 1099 form and report this information to the IRS. Failure to track and report payments to 1099 contractors could lead to penalties and fines.

In this chapter, we will show you how to set up 1099 contractors...