Assign Default 1099 Codes to Vendors

This section describes how to assign a default 1099 code to a Vendor record. This default will be automatically applied to any Purchase Invoices created for the Vendor.
 

1. Open the Vendor record and scroll to the Payments section of the form

2. Click in the IRS 1099 Form Box No. field

3. Click "+ New" to insert a new row

4. Select the appropriate Period No, Form No and Form Box No.




 

 

Note: Vendors can only have one Form Box Setup for each Period

 

5. Observe three IRS fields are now populated.

 

Note: Vendors who will receive an electronic 1099 form must have a Federal ID No. value. They must also provide consent to receive this form electronically, and consent must be indicated by toggling the "Receiving 1099 E-Form Consent" field.

 

Update Existing Document 1099 Codes from Vendor

If entries have already been posted to the Vendor prior to assigning the default 1099 Form Box code, users can update existing entries following these steps:

1. From the Vendor record, click on the IRS 1099 Form Box No. value

2. Click on "Actions" and select "Propagate"

3. Enter a date range, and select whether to update Purchase Documents, Vendor Ledger Entries, or both.

  Assign 1099 Codes to Purchase Invoices

Purchase Invoices will default to any 1099 Form Box code assigned to the associated Vendor record. However, changes to this coding can be made to each Purchase Invoice prior to posting.

1. Create a Purchase Invoice

2. Select the appropriate Vendor and complete the required information

3. Scroll to the "Shipping and Payment" section

4. The 1099 Reporting Period value will default based on the date range assigned to that period. If the Vendor has a 1099 Form Box assigned, the value will be defaulted here. If not, the 1099 Form and Box No fields will be blank. Select the appropriate Form No. first, then the Form Box No.