Review 1099 Coding and Vendor Information
Step 1: Click + to the right of “Accounting Reports” on the left navigation.
Step 2: Select “T4A/1099 Reports” from the “Category” drop-down menu.
Step 3: Select “All Paid Transactions with 1099 Filter” from the “Report Type” drop-down menu.
Step 4: Enter the date range for the applicable 1099 tax year.
Step 5: Click “Queue Report.”
Step 6: Click “View Reports Monitor.”
Step 7: Download and review the report to identify any transactions that need 1099 coding changes or are missing vendor information.
Please see here for detailed instructions on how to edit 1099 coding for transactions.
Step 8: After all changes have been made, run an updated “All Paid Transactions with 1099 Filter” report to compare with the “1099 Final Processing Report” you’ll run in the next steps.
A few tips when reviewing your 1099 reports:
The IRS requires 1099s be filed for certain vendors with payments of $600 or more. Please go to the IRS website for detailed instructions.
Verify the accuracy of the vendor name, address, tax status, and tax ID number using the W-9 on file.
Review commonly 1099ed account codes, such as legal fees and equipment rentals, for vendors that should have 1099 tags.
Check the AP Clearing account on the Trial Balance; only transactions paid in the selected tax year should be 1099ed.
Run a 1099 Final Processing Report
Step 1: Click + to the right of “Accounting Reports” on the left navigation.
Step 2: Select “T4A/1099 Reports” from the “Category” drop-down menu.
Step 3: Select “1099 Final Processing Report” from the “Report Type” drop-down menu.
Step 4: Enter the date range for the applicable 1099 tax year.
Step 5: Click “Queue Report.”
Step 6: Click “View Reports Monitor.”
Step 7: Download the Excel file of the “1099 Final Processing Report.”
Step 8: Review the “1099 Final Processing Report” to ensure all vendor information is complete and accurate, and the 1099 tax amount totals agree with the updated “All Paid Transactions with 1099 Filter” report previously generated.