Ask the Accountant… Question: When I try to designate a vendor as a 1099 vendor, it is greyed out. How do I change that? Answer: There has been a recent change to Preferences in QB Premier regarding 1099 status of vendors. Now, you must turn on the 1099 option in “Preferences” > “Tax: 1099” (toward…
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Ask the Accountant… Question: I have been using my personal checking account and credit card for my business transactions. Are there any problems with doing that? Answer: Yes! You are creating myriad problems by using personal accounts for both personal and business use. The term for this is “commingling of funds.” The first problem is…
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Ask the Accountant… Question: I have to produce 1099’s for some of my vendors. How do I get a record of these vendors and their costs for the year? Answer: When you set up a vendor in QB Premier, go to: Vendor > Vendor Center > New Vendor > Enter contact information. Under “Tax Settings,”…
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