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ERP currently provides 3 different types of 1099 - 1099-MISC (Independent contractor income), 1099-DIV (Dividends income) and 1099-INT (Interest income).
If another 1099 form/type needs to be added to the ERP, it will require new developments for the that form. To add new Vendor 1099 Type:
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- Navigate to Master > Payables > Vendor 1099 Type.
- Click on the Add button.
- Type in new 1099 Type ID.
- Type in new 1099 Type. This value is assigned by the IRS.
- Type in new Comment/Description.
- Click Save.
Click Close.
1099 Vendor Setup
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Navigate to Master > Payables > Vendor.
- Select your Vendor > Click OK.
- Check the 1099 Vendor check box.
- Check the Payee's Account Number (1099) if ...
- Select the Default 1099 Type - MISC, DIV or INT. Eventhough this 1099 type is set to default, it can be changed at the vendor's voucher level.
- Select the Default 1099 Box - default 1099 type of income for the vendor. Again, this 1099 box is set to default, but it can always be changed at the vendor's voucher level.
- Click Save
- Click Close
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The 1099 Type and 1099 Box can be changed by clicking inside the selection area, then click on the dropdown list, a list of options will be displayed.
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