Daily Operations -- 1099 Reporting

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• Payment Types
• Vendor Accounts

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1099 Reporting

Use Payables/Configure Vendors

You track a vendor for 1099 reporting by selecting a 1099 box from the drop-down list when you configure the vendor's "Report on 1099" prompt. If you select a 1099 box for reporting payments to the vendor, payments to the vendor on 1099 invoices are reported in the designated box when you print the vendor's 1099-MISC.

Use Payables/Invoices or Quick Checks or Disbursements Checks

You can turn the recording of transactions as 1099 payments off and on at the invoice or vendor disbursements check level. A checkbox, "Record on 1099," in the Vendor Invoice, Quick Checks, and Disbursement Checks windows allows you to turn off 1099 recording for vendors who are configured for 1099s and turn on 1099 recording for vendors who are not configured for 1099s. (The box is checked automatically for vendors configured as 1099 vendors.)

Remember that you must post a payment on a 1099 invoice to record the 1099 payment to the vendor.

1099 payments to vendors who are not configured as 1099 vendors are "unassigned." Assign a 1099 box to the vendor in Configure/Vendors and print 1099s again to get the amount in the correct box.

Use Payables/1099 Adjustments and Payables/Print/1099 Payments/1099s

Print the 1099s Payments report to verify the amounts. If any 1099 amounts are incorrect, you can correct them in the 1099 Adjustments window.