How to Record Barter Transactions in QuickBooks

If you have Customers who are also Vendors you may decide to trade or barter your products and/or services in exchange for payment. Accounting for bartering transactions is required by the IRS. Barter dollars are identical to real dollars for tax reporting purposes. The requirement to report barter payments to Vendors on…

 Category: Accounting Basics, How-To's in QuickBooks, QuickBooks, Small Business

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Form 1099 – What You Need to Know

Each January we rush around to gather tax information on the independent contractors we paid in the prior year in order to send them a 1099. Here are some basic tips for making it easier and less hurried for next year. Get Them Now. Form 1099 Form W-9 Form W-9 As a…

 Category: Accounting Basics, QuickBooks, Small Business

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