- 1099 Review report (located under Accounting – Reports in the Vendor section of the page)1099 Review is intended to be run first to see the 1099 amount for each applicable box for each vendor. This report allows you to drill into individual transactions marked as subject to 1099 to change the 1099 box or 1099 amount fields as desired.
- 1099 Form (located under Accounting – Reports in the Vendor section of the page)The 1099 Form report prints actual 1099 forms. It prints the most common 2 part format with a separate 1099 on the top half of a the page and bottom half of page. You can purchase the forms at a local office supply store or online and then put them in the printer and use the 1099 Form report to populate the forms.
1099 Historical Data
To add 1099 history (payments from your old system for the current year) to a vendor you need to create a beginning balance AP invoice and payment for the YTD 1099 amount from your old system.
- To create the beginning balance invoice & payments, click on ‘Administration’, select ‘Beginning Balance’, then select ‘AP Invoice’. Add the invoice number like 1099BegBal2014, add the vendor, update the invoice date to a date prior to your go live date in R365, add the amount into the amount field, and then select the location to set the legal entity. Once all is entered, Approve and Close.
- Next create the beginning balance payment, click on ‘Administration’, select ‘Beginning Balance’, then select ‘AP Payment’ and apply the payment to the invoice and approve and close.
- Repeat these steps for each vendor that you need to add 1099 YTD history for. FYI you may need to reopen accounting periods to add the beginning balance transactions.