1099 Vendor Information
If a vendor is going to receive a 1099 from your organization, the vendor needs to be set up as a 1099 vendor so that the system properly tracks payments to them throughout the year.
Follow the steps below to set up a vendor for 1099 processing:
- Go to Maintenance > new world ERP Suite > Procurement > Vendor Service.
- Enter the name and number of the vendor you need to set up or update. Click Go to search for the vendor record.
- Click the folder next to the vendor name. Inquiry information about the vendor appears on the right-hand side of the page. Click the Edit icon on the Miscellaneous header bar.
- On the Miscellaneous Vendor Service page, select the Default 1099 Type for the vendor. Options are MISC, INT, R, S, and G.
- Enter the default 1099 Box for the vendor, for example: 7.
Note: Entering these two values will have the following effects: (1) When a user enters a purchase order item from this vendor, the 1099 Item check box (on the Purchase Order screen) will automatically be checked. (2) When a user enters an accounts payable invoice item from this vendor, the 1099 Type and 1099 Box fields (on the Invoice Entry screen) will be automatically filled in with the default 1099 type and default 1099 box information selected above.
- Enter the 1099 Vendor Name, if applicable. If this name is provided, it appears as the first line in the Recipient’s Name box on the 1099 form; otherwise, the vendor primary contact name is the default value. The value may contain up to 65 characters.
- If the vendor uses a 1099 Doing Business As (DBA) name, enter that value. This name appears as the second line in the Recipient’s Name box on the 1099. The value may contain up to 65 characters.
- When you have entered any other information you need on the page, click Save.
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