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1099 Tips in GP2010

Each vendor can be identified as either a 1099 (Dividend, Interest, or Misc.) or non-1099 vendor, and in addition you can further identify the default 1099 box. To do this, go to Cards >> Purchasing >> Vendor and click on the Options button.

You can also control the minimum amounts for each box by 1099 type. To do this, go to Tools >> Setup >> Purchasing >> Payables and click on the 1099 Setup button.

Do you need to review/edit 1099 amounts? If so, you can do this by going to Cards >> Purchasing >> 1099 Details. Changes can be made here for monthly amounts only. Be sure to review all 1099 types and months! For view-only access, go to Inquiry >> Purchasing >> Vendor 1099 Details. Use the printer icon on the upper right corner to print a ‘Vendor 1099 Details Yearly Report’.

If you find that a vendor has been incorrectly identified as a 1099 vendor, you can correct it by first going to the 1099 Details window and deleting all amounts for all 1099 types and months. Be sure to review the yearly summary for each 1099 type to verify that you didn't miss an entry! Next go to the Vendor card and change them to ‘Not a 1099 Vendor’.

Want to print an edit list to verify what vendors will receive a 1099 with amounts? Just go to Tools >> Routines >> Purchasing >> Print 1099, and click the printer icon in the upper right corner. (Remember, the Print button will generate the actual 1099’s!)

1099’s can be printed at any time (GP version 8.0 or higher) and for any year that you have maintained history for. The restriction that you had to print your 1099’s before running the year-end close routine no longer exists!


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