Vendor 1099 Processing
New World ERP supports the following 1099 form types:
- 1099-MISC—Miscellaneous Income
- 1099-INT—Interest Income
- 1099-R—Retirement
- 1099-G—Certain Government Payments
- 1099-S—Sale of Real Estate
Setup
Before beginning year-end processing, you must first set up several different types of information, including:
In addition, you must ensure your daily processing is already set up to record 1099 information throughout the year. After the proper records have been set up and the year’s daily processing is complete, you can begin the task of processing 1099’s.
Default Setting
In Company Suite Settings on the Vendor/Items tab, there is a Vendor 1099 Processing section which gives you the option to define a default 1099 year, company federal tax ID, and 1099 type form to display on all 1099 processing pages in New World ERP where applicable.
Year-Round Maintenance
Vendor Invoice Maintenance and the 1099 Audit Report are two functions of the Vendor 1099 Processing workflow that are intended to be used year-round to monitor 1099 vendors and transactions. The Accounts Payable 1099 Activity Report is useful for mid-year reporting on 1099’s.
Year-End Processing
After the proper records have been set up and the year’s daily processing is complete, you can begin the task of processing 1099’s using the 1099 List page. The 1099 Register page shows all the transactions for each 1099 vendor.
See also:
Creating a 1099 Transmittal File