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- Navigate to Master > Payables > Vendor 1099 Box.
- Click on the 1099 Box ID ellipsis button.
- Click on Retrieve button.
- The system will display a list of existing 1099 box Type IDs. Select the type of income that is appropriate for the vendor.
Click Add.
Click Save.
Click Close.
From time to time, the IRS will add new box for new type of income. That means that new developments will be needed to add the new box to the form. To 1099 form(s) and you need to add new 1099 box here:
- 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.
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- Navigate to Master > Payables > Vendor 1099 Type
For ex.: add 1099-R
- 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.
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The 1099 Type and 1099 Box can be changed by clicking inside the selection area, then click on the dropdown drop down list, a list of options will be displayed.
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- Select 1099 Type - Div, Int or Misc.
- Select Forms that you want to print by check or un-check the boxes. You can print all forms or just the forms that you need.
. Copy A = Internal Revenue Service Center.
. Copy B = Recipient.
. Copy C = Payer.
. Copy 1 = State Tax Department.
. Copy 2 = to be filed with recipient's state income tax return, when required.
- Select the company that you want to process 1099 forms.
- If you are set up to have multiple divisions as separate entities under one company, the company box will be grey out and the system will prompt for a division number.
- Fill in the name of the contact person in case there is any issues or questions for the 1099 forms from the IRS.
- Fill in the contact person's phone number.
- Fill in the contact person's email address.
- A valid Federal Identification Number is required.
- You don't have to have a State Identification Number to run the 1099 forms.
- Check on the Bypass $600.00 Minimum if you want to include vouchers that are less than $600.00.
- Select the Start Pay Date and End Pay Date
- Click on the Show Report.
- If everything is correct, you can print these forms. These forms can be printed as many time as you need.
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- If you are set up to have multiple divisions as separate entities under one company, the company box will be grey out and the system will prompt for a division number.
- Enter the Transmitter Name.
- Enter the name of the Contact person.
- Enter the phone number of the Contact person.
- Enter the email address of the Contact person.
- If you need to create an electronic file for Federal, do not check this box. If you check this box, the system will create records K for the state and the federal will reject the file.
If you need to create an electronic file for the state, then please check this box. - Check the box for Bypass $600.00 Minimum if you want to include vouchers that are less than $600.00.
- Click on Retrieve button and the data will be processed and displayed onto your screen.
- Proofing the data within the 1099 electronic file - make Click on the drop down of the "Selection to Proof". Select the the record type you want to proof. Make sure that all the information for contained within all records type are correct.
. Record T - Transmitter record
. Record A - Payer record.
. Record B - Payee record.
. Record C - End of Payee record.
. Record K - State Totals record.
. Record F - End of Transmitter record.
- Click on the Errors tab - there should not be any errors generated.
. If there is any error, it needs to be reviewed and corrected, then you can re-run the electronic file extraction again. - Once everything has been checked and verified, you can click on the Save button and save it to a place where you can browse into later to submit the file to the IRS website.
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