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Hi there, Allied3.
I'm here to help isolate the error you're getting so you'll be able to process 1099-MISC successfully.
Before we begin, let's make sure that your QuickBooks Desktop is updated to the latest release.
First, you'll need to create a bill or check to record the expense transaction including the vendor withholding with a negative amount (attached screenshot).
Once done, when mapping an account in the QuickBooks 1099 Wizard window, the expense transaction will show on the Box 7 and the other current liability account will show on the Box 16. Also, to ensure your IRS threshold is updated, you can select the Show IRS 1099-MISC filing thresholds below and click Reset to IRS threshold (attached screenshots).
For additional reference, you can check these articles to learn more about 1099:
- Assign accounts to 1099-MISC categories.
- QuickBooks 1099 Wizard.
- Set up a 1099 vendor and print forms.
This will get you on the right track. Don't hesitate to leave a comment below if you have other questions about the 1099-MISC. I'll be around to help. Have a good one.