October 2010

An Unlikely Pair: Health Care Reform and 1099 Reporting

Merging List Names in QuickBooks

An Unlikely Pair: Health Care Reform and 1099 Reporting

You’ve read the entire 2,409 page health care reform bill, right? Right. And like many other people, you’re wondering how these dramatic changes in the nation’s health care system will be paid for. Strange as it may sound, lawmakers are looking to the humble 1099 form to help foot the bill for health care reform. Beginning January 1, 2012, all business will be required to provide a 1099 form to every vendor with whom they do more than $600 worth of business over the course of a year. This includes inventory purchases, office supplies, gas for business vehicles, rent, etc. The idea seems to be that using 1099 forms that must be filed with the Internal Revenue Service will capture unreported income. This in turn will generate more tax revenue and help offset the costs of the health care bill. Understandably, this section of the bill has met a great deal of opposition.
Legislation has already been introduced to repeal this section of the law, but as of now it will become effective January 1, 2012. Thank goodness our QuickBooks software can track 1099 information for us. Stay tuned for more information as this new requirement progresses.

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QuickBooks Article - Merging List Names
No matter how careful you are with your QuickBooks data file, duplicate listings in your customer or vendor lists are inevitable. There are many reasons this happens. Perhaps a company’s name has changed and a
How
new name was setup in the list rather than updating the existing one. Or maybe the data file has been in use
To
for many years, and prior users created a new name every time they made a typo. Duplicate names can be
especially common if renaming rules aren’t used properly if you download your transactions via the online banking feature
in QuickBooks.

The more duplicates you have in a list, the more names you have to sort through when scrolling through the list to find the
desired name for a transaction. When generating reports or entering a transaction, the list is longer than it needs to be
when there are duplicate names. Fortunately, QuickBooks has given us a feature to merge two list names together. This

process moves all of the transactions from one name to the desired name. Click here to read the full article.

Click here for the How to Videos.

An idea not coupled with action will never get any bigger than the brain cell it occupied.

~Arnold Glasow

For a smoother textured batch of chocolate chip cookies, use half butter and half butter flavored shortening in the recipe!

Quickbooks Newsletter

October 2010