Tax Reporting
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      3. Tax Reporting

      How to configure which Chart of Accounts are reported as income on 1099's

      This article will show you how to configure which chart of accounts (COA) are reported as income on 1099's.

       

      The COAs that are marked as taxable determine the amount that is reported as income on 1099s

       

      Review which Chart of Accounts are subject to 1099 reporting (reported as income)

      Make sure you have the correct chart of accounts that are subject to 1099 reporting.

      • Go to the settings page (click on your initials in the top right of the page and select Settings)
      • Click on Chart of Accounts

       

      • Filter the list by Account Type and select Income and Other Income.  Click update

       

      • Go through the list of income accounts and review which income accounts are set as Taxable (reported as income).  If Taxable is green, it means the account is subject to 1099 reporting (report as income).

       

      • If you need to make a chart of account Taxable click on it so you can modify it.  Click EDIT and toggle on is Taxable. Click Save.