How to Set Up an Expense Account in QuickBooks Desktop
In this tutorial, we will learn how to set up an expense account in QuickBooks Desktop.
Step by Step process to set up an expense account in QuickBooks Desktop.
Select Edit > Preferences.
Move on to the left, choose Tax: 1099.
Select the Company Preferences tab.
Go to “Do you file 1099-MISC forms?” Select to select yes at the top.
Go to “If you want to map your account to boxes on Form 1099-MISC, click here,” select the click here link. The QuickBooks 1099 Wizard will get opened.
- The QuickBooks Desktop accounts to track payments to your 1099 vendors will be listed. In the Apply payments to this 1099 box column, select the drop-down menu and select the appropriate 1099-MISC box.
- Most Vendors get paid through Box 7: Non-employment Compensation, although you will want to ask a tax professional first before selecting which box to use. Kindly note: the only supported boxes QuickBooks Desktop support are in this list.
Select a 1099-MISC box for each account listed or select Omit these payments from 1099.
Select Save& Close once the accounts have been mapped.