QB Issue Resolution:
“How do I include the value of the trip on the nonemployees’ 1099s without cutting check to them for the cost of the trip since the trip was already paid?”
On the actual Enter Credit Card Charge entries, for the travel costs that are Not Reportable as entertainment or not going to be treated as business expense for the business, post that to an Other Current Asset account.
On a Bill to the vendor name, I would put the amount as Subcontractor Expense. Then, underneath it, put the “Other Current Asset” account for that name, their amount, as negative. Hit Recalc. This is a “$0 Bill.”
Do this until the Other Current Asset account is 0 balance.
Do not map the Other Current Asset for 1099-Misc reporting purposes.
The Travel costs are changed to Subcontractor expense. The Other Current Asset account is cleared.
This is like stating: I will pay for you, and you will pay me back, and if you don’t, it is going to be handled as my Cost and reported as income to you.
Then, if the subcontractor can take this as Business Travel expense, they also have this as reported Income from it, which is like Charging their Customer for the trip.
Resolution for Issue 'My client awarded independent contractors with a trip that was paid through the company credit card. How do I add the value of this fringe benefit to contractors’ 1099?' available: Yes (Solved).
Source: Intuit Community forum.
My client awarded independent contractors with a trip that was paid through the company credit card. How do I add the value of this fringe benefit to contractors’ 1099?: this issue or error code is a known issue in Quickbooks Online (QBO) and/or Quickbooks. Support for this issue is available either by self-service or paid support options. Experts are available to resolve your Quickbooks issue to ensure minimal downtime and continue running your business. First try to resolve the issue yourself by looking for a resolution described below. If it is a complex issue or you are unable to solve the issue, you may contact us by clicking here or by using other support options.Support for 1099Misc reporting
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