How to compile your 1099 vendor payout list in Pocket

Guidelines for Establishing a Vendor Payout List in Pocket for 1099 Forms

1. Accessing the Platform:

   • Initiate the process by logging into your Pocket account. In case of forgotten credentials, consider resetting your password or retrieving the information from a secure location.

     Locating the Transaction Page:

   • Once logged in, navigate to the Transaction Page, usually accessible through the main menu or dashboard link.

     Accessing Bank/CC Tab:

   • Select the "Bank/CC" tab, which refers to Bank Accounts and Credit Cards. This section provides a comprehensive list of financial transactions.

     Applying Filters:

   • Identify the filter icon (often resembling a funnel) on the screen and utilize this tool to choose relevant Chart of Accounts categories such as Contract Labor, Marketing Contractor, Professional Fees, and Legal Fees. If the categories vary, adapt them to align with your existing structure.

     Identifying Vendors:

   • After applying the filters, locate the Vendor/Customer column. If it's not immediately visible, adjust the view or sort columns to locate it.

     Verifying Payment Amounts:

   • Utilize the search bar to identify transactions for each vendor (e.g., Taylor). Sum the amounts to ascertain if they meet or exceed $600. Vendors falling below this threshold can be disregarded for 1099 purposes.

     Creating a Spreadsheet:

   • Utilize Google Sheets or another spreadsheet application to document Vendor Name, Chart of Account, and Total Amount Paid. This tool facilitates the organization and tracking of vendor payments.

     Repeating for All Vendors:

   • Systematically apply this process to all vendors. It might be beneficial to explore Pocket's export features for efficiency, particularly when managing numerous vendors.

     Preparation for 1099 Forms:

   • Once all data is compiled, refer to IRS guidelines for the preparation of 1099 forms. Ensure adherence to current regulations.

     Seeking Assistance:

   • If challenges arise, reach out to Pocket support at support@mypocketcfo.com for assistance.

By meticulously following these steps, you can efficiently create a vendor payout list and accurately prepare 1099 forms.