For the 2011 tax year, some forms of payments from 1099-MISC will be reported on a new third-party form 1099-K. Find out what changes you need to make.
Important: Each 1099 category must have its own unique account. For example, if you report non-employee compensation (Box 7), and you have an expense account named “Payments to Subcontractors,” you can select “Payments to Subcontractors” as the account for tracking non-employee compensation. Having selected “Payments to Subcontractors” for Box 7, you cannot use it to track any of the other 1099 categories.
You can use the following types of accounts to track 1099 categories: expense, other expense, other current asset, fixed asset, other asset, other current liability, and long term liability.
Your company assets are the things that your company owns.
QuickBooks distinguishes between two types of assets: