Vendor 1099s

Vendor 1099s are based on the checks that were created for them. A vendor will get a 1099 only if he is marked to get a 1099 and he was paid enough to cover the 1099 minimums.

The vendor's tax ID and the option to determine whether or not he should get a 1099 is located on the vendor information window. If you are using SherWare's DMIE then this can be found in the QuickBooks Vendor Center on each vendor's record.

Vendors 1099's are reported as non-employee compensation so are subject to the same minimum that the working interest owners are subject to. The minimum can be specified in the Misc. Preferences. The default minimum is $600, which was the IRS' minimum setting for reporting non-employee compensation at the time this was written.