The 1099 form is a series of documents the IRS refers to as "Information Returns". There are a number of different 1099 forms that report various type of incomes.
ERP currently provides 1099-MISC (Independent contractor income), 1099-DIV (Dividends income) and 1099-INT (Interest income).
This article documents how to setup and process 1099s for vendors.
| Table of Contents |
|---|
1099 Box Setup
This 1099 Box will indicate which type of 1099 form and which type of income the vendor is setup for.
For example: the 1099-MISC form has a number of different types of miscelaneous incomes such as Rents, Royalties, Other Income, Federal Income Tax Withheld, etc...
Each type of income was assigned to a box number on the form by the IRS.
For example:
1099-MISC for Rents will be printed in box number "1".
1099-MISC for Royalties will be printed in box number "2".
1099-MISC for NonEmployee Compensation will be printed in box number "7".
ERP currently provided an up to date list of 1099 type boxes for 1099-MISC, 1099-DIV & 1099-INT.
- Navigate to Master > Payables > Vendor 1099 Box.
- Click on the 1099 Box ID elipsis button.
- Click on Retrieve button.
- The system will display a list of existing 1099 Type IDs.
- If you need to set up a new 1099 Type ID > Type in new 1099 Box ID > Specify 1099 box number > Set up Comment/Description for the new 1099 type ID.
- Click Add.
- Click Save.
- Click Close.
...