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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 1099 form(s) and you will need to add new 1099 box here:
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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 you have multiple accounts for a recipient for whom you are filing more than one Form 1099 (INT, DIV, MISC).
. The account number is also required if you check the “FATCA filing requirement” box (Foreign Account Tax Compliance Act).
. Additionally, the IRS encourages you to designate an account number for all 1099 forms that you file.
. When this box is checked. The vendor's short name will be printed in the "Account number" box on the 1099 forms. - Select the Default 1099 Type - MISC, DIV or INT. Even though 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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