COGS

Pamawoman

I am switching from QB to Quicken. I am using Quicken classic and business personal on a Windows 10 desktop. We use sub-contractors in our biz and issue 1099's at the end of the year. My issue is how to make sure all of my subs pay is recorded as 1099 labor. I know Quicken uses different terms for things then QB. I manually enter checks into the computer because my husband doesn't trust bank feeds. SO, when I enter a subs check in the register how do I make sure at the end of the year I can just pull up the totals and issue 1099's. This was a checkbox on the vendor in QB. I am starting fresh and want to make sure everything is set up correctly. Thank you in advance for any help.

NotACPA

The category that you use for those payments to subs should have a 1099 tax line associated with it.

In Q, it's that associated Tax Line that determines how this is reported.

Pamawoman

Thank you! I haven't quite got there but I am taking notes. I refuse to pay QB a small fortune for my tiny biz.

volvogirl

For an income or expense category to show up under Business you have to assign it a Schedule C tax line number. Go into Edit Category and assign it one. If you need to see a schedule C, here's the blank form….
http://www.irs.gov/pub/irs-pdf/f1040sc.pdf

You can either assign the tax line number to an existing category or you might want to set up a new category for it to keep the existing one under personal if you have the same expense for both personal and business.

To check the tax line assignment open the Category list by either clicking on the Category Icon or go to Tools-Category List or Ctrl+Shift+C. Then select the category and right click on it to Edit it. Click on the Tax Reporting Tab and check the box for Tax related and pick a Schedule C: tax line item.
https://www.quicken.com/support/how-assign-tax-form-line-items-category

Boatnmaniac

I do not have Business & Personal so I might not have access to all of the tax line items that you do. But I did notice there is a tax line item for "Sch C:Contract Labor" so maybe that would be a viable option for you to use?

I also want to mention that QBs is a true full-featured business accounting software but Quicken Business & Personal is not. Quicken B&P is a personal financial planning software with some business features. It works pretty well for those who have a small home rental business or some other small sole-proprietor business where a full-featured business account software is not really needed. Because of this, some people who have used QBs previously and then switched to Quicken B&P have been disappointed to find out that Quicken B&P lacks many of the tax forms and reporting features they wanted/needed and were used to getting from QB. But there have been others who have said that Quicken B&P will meet their needs.

You have 30-days from the date of purchase to use and evaluate Quicken to determine if it will meet your business needs. If, within that 30 days, you decide that it will not meet your needs you can request a full no-questions-asked refund. Hopefully, though it will meet your needs.

Pamawoman

I am still taking my notes and thank you for the answers. I am basically a sales person/A/P, A/R for these sub contractors and I do not mind do a lot of my bookkeeping the old fashioned way so it looks like Q should work pretty well for me. The only forseeable issue is printing my 1099s but that is moving to a paperless system anyway. It took me awhile to set up QB starting in 2015 so it does stink that I will be losing all the work I have done on it. It is what it is.

NotACPA

Unlike QB, Q can't print 1099s (or any other IRS form). It can gather the data … but you'll need some other method to actually produce the forms.

volvogirl

If you use Turbo Tax that will print and efile the W2 and 1099 forms. You need to use Turbo Tax Online Premium or Desktop Home & Business version.

Pamawoman

If I use Turbotax for that do I have to use them to file my tax return? I have a great relationship with my H&R Block tax consultant. And I would hate to lose her. Also, I have the Desktop Home & Business version of Quicken.

Boatnmaniac

@Pamawoman - No, you do not need to buy nor use Turbotax. It is simply one option for exporting Quicken data. Some people like that option because it makes it easier for them when it comes to tax filing. Others, like me, have found that the import process does not go very well with a lot of data editing that needs to be done afterward so we do not use it.

I know that H&R Block software can also import tax data from Quicken. I have not tried doing that so I cannot comment on how well that works.

Regardless, if you are comfortable working with a H&R Block tax consultant (or any other tax consultant for that matter) and wish to continue using that service instead of a tax software, you can do so.

Jim_Harman

Or with Quicken you can format a report with the 1099 and other tax info and the Tax person can type it in.

Boatnmaniac

Or with Quicken you can format a report with the 1099 and other tax info and the Tax person can type it in.

That's what I do: Export my Quicken tax reports (Tax Schedule, Tax Summary, Schedule D, Schedule B) to Excel. Play with the formatting, the ordering and do some sub-totaling and then manually enter the data into whichever tax software I purchased for the year. Then I'll save all the applicable tax forms from that tax software and print out only those tax forms that I need to print out. Works really well for me.

And I'm thinking your tax person will like the Quicken tax reports that you save in Excel and/or print out and give to them, as well.

Pamawoman

Thank you to everybody that has answered. Really great info that is making it easier for me to accustom myself to this new, to me, software.