Most errors can be avoided simply by planning your setup and knowing what your business needs are. Here is another QuickBooks setup error that we see the most AND how to fix it.
Vendors
Redundant or duplicate: The same as with the Chart of Accounts, you don’t want bloated Vendors list. So periodically review the list for duplicates and merge the Vendors.
Vendors properly not set up for 1099 reporting: Check with your accountant/tax profession regarding the necessary paperwork and filing requirements but you can (and should) track 1099 amounts in QuickBooks. When done properly, year-end 1099 filing is simple.
Remember, standing in a garage, doesn’t make you a car… knowing a bit about QuickBooks and being able to navigate it, does not make you an accounting expert. Don’t be afraid to look for or ask for some help.
