QuickBooks/ Bookkeeping Tip of the Week


Tip of the Week

Get the Tips and Tricks that every Bookkeeper should have in their bag, courtesy of our Accounting Services staff.


Charlene’s Tip

Recurring Transactions Function in QuickBooks Online

Do you have regular payments that go out repeatedly? Instead of having to enter the information each time make a Recurring Transaction. Click on the transaction you want repeated and click ‘Make Recurring’. Create a template name, the interval (monthly, every other month, annually, etc), enter the start and end dates, and save.

To change a recurring transaction, click the Gear icon, then click ‘Recurring Transactions’. Choose ‘Edit’ to make changes to your template.


Candy’s Tip

QuickBooks Desktop Calculator

There are two quick options for calculating in QuickBooks Desktop:

  1. On the top bar, click ‘File’, click ‘Use Calculator’. A calculator window will pop up.
  2. In the number fields of any transaction, you can do simple math using these symbols (+, -, /, *). Press the = symbol to get the result.


Anita’s Tip

Best Practices for Annual 1099 Filing Compliance

Note:  1099 reporting is not required for payments made through PayPal, Venmo, and Credit Cards. Payments via Zelle, however, do still require 1099 reporting.  Because of these differences, it is advisable to only pay a vendor via one method – at least within the same reporting year!

Best practices for tracking 1099 Vendors / Payments – payments via check, ACH, Zelle, etc.:

#1   As much as possible, never pay a new vendor without first obtaining a completed W-9 from the vendor.

#2   Before adding a new vendor to your accounting system, always verify a W-9 is on file and make sure the appropriate information is recorded to the vendor master file. If business needs have dictated that best practice #1 was not feasible, this person can now request the W-9 in a timely fashion.

#3   Review vendor lists and 1099 filing thresholds on a periodic basis, at least quarterly and address missing information or open questions in a timely manner.

#4   Keep track of vendors who have already been evaluated. Within your software, it is usually easy to see vendors who are flagged as 1099 eligible, but there may not be a ‘NOT 1099 eligible’ indicator. In this case, we suggest using another field to make it clear that the vendor has already been evaluated.

In QBO, for each vendor who has already been evaluated and does not require 1099 reporting, we suggest inputting the tax id# for the vendor while leaving the ‘track 1099’ indicator Unchecked. If you have a W-9, you can use the vendor’s actual tax ID#, if not, you can use a place holder such as 99-9999999.

Remember: You can attach a copy of a vendor’s W-9 to the vendor master file for convenient reference as needed.

#5   Get help!  If you have questions, need help with your vendor review, or need help knowing how to best monitor these processes within QBOnline or QBDesktop, we would love to help get your systems primed for a smooth and efficient 1099 filing season in January 2023!


Candy’s Tip

Request a W-9 Immediately

Before you cut that check to a service vendor or outside service provider, request a W-9 right away from the vendor.

Even if you are not sure, it is always a good practice to request one anyway. And if turns out you do not need a to file 1099 for them it’s good to have that W-9 as a record of not qualifying for filing.

You can download a PDF here: https://www.irs.gov/pub/irs-pdf/fw9.pdf and email it to the vendor


Candy’s Tip

QuickBooks Online – View Bank Details

To view the bank details of your bank feeds in QBO, go to ‘Banking’, click the gear icon on the upper right-hand side and in the drop-down menu choose either or both of these options.

Click on the highlighted item in orange ‘Copy bank details to memo’ and it will post in the memo section highlighted in orange.

Select ‘Show bank details’ highlighted in blue and view the corresponding details in the blue highlighted box.

Choosing these options will automatically load all details from source.

Get Tips Sent Straight To Your Inbox Every Friday

Fill in the form below.