QB also sees the checks and cash payments you’ve made, and includes them on your 1099 forms. The QuickBooks 1099 Wizard uses the information in the Check Number field to find payments you don’t need to report to the IRS, like debit cards and PayPal (as of tax year 2011) and excludes them automatically from your forms. This can minimize massive headaches when you’re combing QuickBooks for one specific payment, or you need to see all the payments you made with PayPal or your debit card.Įven better, if you’ve put the right codes into the Check Number field you can shave hours off the time you spend preparing your taxes. When you put the right code into the Check Number field, later on you can sort reports by check number. To make the most of QuickBooks’s capabilities, use one of the following codes in the Check Number field when you make a debit card payment: Most of the world uses debit cards to pay bills these days. So if you’re using one of those systems, save yourself some hassle and just use PayPal or one of the debit card codes in the Check Number field. Tip: We don’t have codes yet for the e-payment systems that are similar to PayPal. PayPalĭo you use PayPal for a few bills, like most everybody else these days? Put the word PayPal in the Check Number field so that QuickBooks can identify the transaction correctly.
If you’re paying somebody in cash, enter CASH or ATM in the Check Number field.
Put the correct check number in the Check Number field, whether you’re printing a check or writing it out by hand. Here’s how you can make the best use of the Check Number field, depending on what kind of payment you’re actually making. I bet you already know that QuickBooks for Mac records most of the bills you enter and pay as “checks,” regardless of whether we’re actually writing out checks, paying a contractor with PayPal, whipping out your debit card, or forking over a fistful of cash.īut here’s a fun fact: Check Numbers matter, so don’t leave that useful slice of QB real estate blank! Put the right info into the Check Number field, and you’ll save yourself buckets of time later on.
0 kommentar(er)
