QuickBooks Tip of the Month
Have you ever added a new vendor through the quick add function while reconciling a bank statement but when you later go to that vendor in the vendor center the vendor’s name is nowhere to be found? If so, you may have added the vendor as an Other Name instead of as a Vendor. Names added as an Other Name do not show up as a vendor in the vendor center. They will however show in the Other Names list. This could be a problem especially during tax time when you are completing the 1099 process. If there is a 1099-able vendor categorized as Other, the vendor’s name will not show up in the 1099 report thus causing you to miss reporting to the IRS. This could cause your company a lot of money in fines if you were to be audited. To fix this follow the steps below:
In single-user mode in QuickBooks click on List-Other Names List. The Other Names list window will open and you will see a list of all the names that have been categorized as Other. Right click on one of the names that needs to be switched to a vendor. Choose Change Other Names Type. A new box will appear and you will be able to change all the names by putting a check mark in the appropriate column. You will see you can change the Other Name to a Customer, Vendor or an Employee. Once you are finished marking your selections click “Ok” and the names will now appear in the Vendor, Customer, or Employee center depending on your selection. It’s that simple!