QuickBooks Tip of the Month

Have you ever added a new vendor through the quick add function while reconciling a bank statement but when you later go to that vendor in the vendor center the vendor’s name is nowhere to be found? If so, you may have added the vendor as an Other Name instead of as a Vendor.  Names added as an Other Name do not show up as a vendor in the vendor center. They will however show in the Other Names list. This could be a problem especially during tax time when you are completing the 1099 process. If there is a 1099-able vendor categorized as Other, the vendor’s name will not show up in the 1099 report thus causing you to miss reporting to the IRS. This could cause your company a lot of money in fines if you were to be audited. To fix this follow the steps below:

In single-user mode in QuickBooks click on List-Other Names List. The Other Names list window will open and you will see a list of all the names that have been categorized as Other. Right click on one of the names that needs to be switched to a vendor. Choose Change Other Names Type. A new box will appear and you will be able to change all the names by putting a check mark in the appropriate column. You will see you can change the Other Name to a Customer, Vendor or an Employee. Once you are finished marking your selections click “Ok” and the names will now appear in the Vendor, Customer, or Employee center depending on your selection.  It’s that simple!

Advertisements

About atdsolutions

Attention To Detail Bookkeeping and QuickBooks Consulting, the leading QuickBooks bookkeeping frim! We strive to provide our clients with detail-oriented computerized bookkeeping services on a timely, cost-effective basis. We help to streamline processes, make you more efficient and reduce you year end tax bill. With our services, our clients are able to work ON their business instead of IN their business. In addition to bookkeeping, we also offer QuickBooks set-up, training and consulting, and we are your Intuit Solutions Provider. Purchase all of your QuickBooks software and hardware from us and save even more than just time! Lastly, get all your business forms from us including QuickBooks compatible checks and deposit tickets. Contact our office today at 248-620-1177 to learn more on how we can positively impact your bottom line!
This entry was posted in Accounting/Bookkeeping, Business, Tax Season and tagged , , , , , , , , , , . Bookmark the permalink.

Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

w

Connecting to %s