Impact of New Feature – 1099 Reporting (QuickBooks)
QuickBooks Desktop new version released by Intuit has come up with many new exciting features while maintaining the same level of ease of use, simplicity and understanding navigation of the previous versions. With new and innovating features released every year, the software is creating even more space in the accounting market for itself. To counter the adverse errors caused within the software, Intuit has setup even more professional QuickBooks Desktop Support team that is adept in handling all sorts of issues and problems.
In accordance with the tradition of outfitting each and every new version of QuickBooks with powerful tools, the new QuickBooks Desktop version came out with 1099 Reporting feature.
Before this current QuickBooks version, whenever user opened QuickBooks software for data entry, especially posting of check or debit transaction, it was hugely recommended not to type in ‘EFT’, ‘Debit’ or any other word under Ref. Number (Check Number) category. The main reason for this recommendation from the experts handling QuickBooks support phone number was that at the time of bank reconciliation for check accounts, many users wish to showcase their transactions in numerical order under bank reconciliation screen. So when the user types in ‘EFT’ under the Check Number category, the moment sorting of transactions under bank reconciliation is done by the order of check number, which is what is generally recommended by the QuickBooks desktop support team, the transaction order becomes alphabetical. Hence, in this scenario when the user sets order by check number, the transaction with no check number comes on top as per the date followed by transaction with check number in numerical order. However, when words get added under check number category the transactions are sorted as per following order:
- Transactions with no check number come on top as per the Dates.
- Followed by the transactions with words under check number category in alphabetical order, irrespective of the date.
- Transactions with check number in numerical order.
This method is not only incorrect as per the order of dates on which the transactions have taken place, it is also lot of hassle for the user as they have to scroll down and up to get to correct date or check number, especially when they performing bank reconciliation for numerous transactions.
This is where 1099 feature’s Write Check attribute comes into picture. As per the functioning of 1099 feature, the moment user enters any word under check number field of the software; QuickBooks Desktop will automatically eliminate the transaction to be counted under 1099 amounts. Any of the following illustrated words are counted under this feature:
- DBT card
- Debit cd
This most shocking but definitely appreciated impact of 1099 feature on the working of QuickBooks Desktop since its release. Due to some initial issues with the feature an updated version of the feature called 1099-K was introduced which impacted in allowing users to use certain words under check number / reference number category. For more details on this direct connection with QuickBooks Customer Service Phone Number +1-855-836-9252.