Print VendorVendor's 1099s

SmartFusion Modules > Accounts Payable > Reports> Print VendorVendor's 1099s

Recent changes:
  
6.115 - 2020 Updates for 1099-MISC and 1099-NEC  

6.114 - Added the ability to print 1096s


6.105
 - Added the "Show inactive vendors" checkbox that allows users to include inactive vendors in the vendor number selection

6.91
 - Corrected filter logic for Vendor Number criteria. Previously, it was excluding vendors with vendor numbers beginning zeroes.

6.65
- Change the processesRefer to pullbottom inof vendors who had vouchers flaggedpage for 1099s,changes but were not flagged as 1099 vendors

6.64
- On the file creation, it now creates 2 files, one for Participating States, and one for non-participating states

6.41
- Added Foreign Transferorprior to theversion created File on this page.6.70

Introduction

The printing of 1099’s is designed to print on pre-printed laser stock, which could require printing three times. This includes one printing for the Internal Revenue Service copy, one printing for the recipient, and one printing for an internal file copy. Summary information needed for form 1096 can be optionally printed after the last 1099 is printed.
If your organization plans to submit 1099s on diskette for the IRS, you must first set up the 1099 Magnetic Media Information on page 2 of the Accounts Payable System file. The transmitter control code is also required which can be found in the Organization System Settings. If any of this is missing, an error file will be generated during the process which will instruct the user that the system file is missing information.

Explanation

Select process

  • Print 1099s
  • Create File - This process accommodates the state total reporting. A “K” record is created for each state that is being reported in the file.

Select 1099 type - Allows the user to select the type of 1099s to be included.

  • Miscellaneous (MISC) - includes Legal, Medical, Other and Rent
  • Dividend (DIV)
  • Interest (INT)
  • Non-Employee Compensation (NEC) - for 2020 and later
  • Real Estate (S)

EnterParticipating filenameStates - enabled for Create File
Nonparticipating States - enabled for Create File

Show inactive vendors - controls whether inactive vendors are included in the vendor selection
Enter Vendor range to include
Enter Alpha Sort range to include
Enter Check Date range to include
Minimum 1099 amount to include - defaults to $10.00 for Dividend and Interest 1099s; defaults to $600.00 for MiscellaneousMiscellaneous, NEC and Real Estate 1099s
Include totals information for form 1096? - visible for 1099-MISC forms
Print 1096s

Additional Notes

The file that is created for Miscellaneous also includes vendors flagged as Legal, Medical, Nonemployee, Other, & Rent.

Sales tax amounts are not reported on the 1099-MISC.

References

IRS Publication 1220 Spec for Electronic Filing https://www.irs.gov/pub/irs-pdf/p1220.pdf
Page 46 - T Record
Page 51 - A Record
Page 74 - B Record
Page 138 - C Record
Page 140 - K Record
Page 142 - F Record

Changes Prior to Version 6.70

6.65 - Change the processes to pull in vendors who had vouchers flagged for 1099s, but were not flagged as 1099 vendors

6.64 - On the file creation, it now creates 2 files, one for Participating States, and one for non-participating states  

6.41 - Added Foreign Transferor to the created File on this page.