We recently decided to add blogs to our site as a means of addressing some of the issues our customers deal with on a regular basis. Since our customers are financial professionals serving mostly small and medium sized businesses, you can expect blogs about the finance, operations and human resources issues that most small businesses deal with. In addition, I am a long-time user of QuickBooks and Microsoft Excel, so you will see a lot of blogs about how to do things in QuickBooks, why and how QuickBooks can make your life easier, how to view and manipulate your QuickBooks data in Excel, and the like.
One of the first things I do when I get involved with a business is to figure out what their major sources of revenue and expenses are. I do this in two ways. First, I talk to management to find out what things they consider to be important to the business. Second, I spend a couple hours going through their QuickBooks file.
QuickBooks makes it easy to note which vendors are eligible for 1099s. Taking the time to do so will save you a lot of time at year end. To mark a vendor as being eligible for a 1099 in QuickBooks, simply:
January 31st is the deadline to give annual information statements (Form 1099) to recipients of certian types of payments you made during 2007. Payments covered include: