Please consult with your CPA, licensed tax professional or for guidance on the issuance of the Form 1099-Misc. Inform provides the means to qualify vendors and quantify annual payments only. The forms themselves must be produced independently. Follow this process to categorize, manage and report on vendors requiring a Form 1099-Misc. The production of a report does not generate any transactions or create actual 1099’s.
- Go to Accounting > Accounts Payable > Vendor Ledger > Setup to define a new vendor.
- On the General tab, select the Issued 1099? check box.
- Click Save.
The Report feature is available in numerous system files such as customers, vendors, products and G/L accounts. Use it to create instant, customized and exportable reports.
- Go to Accounting > Accounts Payable > Vendor Ledger.
- Click the Report button and bypass Criteria Options so that all records are initially selected.
- Click Additional Criteria and Add Criteria.
- Choose the field called 1099 Vendor, as shown below, and set the value equal to “Y.”
- Click OK to proceed to the Field Selection window.
- In Available Fields, hover over a Description to view a definition
- Select a field to add to the report Print Order on the right.
- Click and drag to rearrange the order of fields.
- To remove a field, click the “X” to the right of the record.
- To start over, click the Reset button.
- When the report design if complete, click OK to view, print or export the report.
Following is a report exported to Excel with formulas added to calculate the totals. The “YTD Paid” field contains the payments requiring a Form 1099-Misc for a calendar year.
- The system will store the report field selections for reference the next time it is requested.
- The criteria must be reset each time the report is requested.
- This report may also be built, run and scheduled through Advanced Report Writer.
Please note that Advanced Report Writer training requires a scheduled consultation. This procedure provides guidance on building an unformatted report for export to Excel.
- Navigate to Analytics > Advanced Report Writer.
- Click New to start building a new report.
- Choose the VM (Vendor Master) file as the primary file.
- Choose Export Option: Without Layout.
- Set the Criteria to 1099 Vendor Equal To Y. The results will be limited to vendors defined in vendor master as 1099 receivers.
- Add the appropriate fields in Report Fields. When running the report for a previous calendar year, the Last Year Payments field will report the appropriate values for issuing 1099’s.
- Click Save before running the report.
- Click Run Report. The system will open a window in your own network environment.
- Save the content in .csv format. The report will open on the screen in Excel.
- Refer to the sample report specifications below.