New Obama health care law requires that 1099 reporting for anyone paid over $600 per year. Add this flag in AP Manual Checks and AP Invoice Selection as a warning BEFORE printing a check to someone without proper 1099 info completed. This also puts an urgency on the need to have a seperate field for 1099 Taxpayer Name which may be different from the Vendor Name.
by: Lloyd M. | over a year ago | General Enhancements
Comments
I would agree that this would be a great improvement based on the law change. Another improvement would be to have the ablity to record the activity but have the ability to not print a 1099 for that vendor.
Better yet, DO NOT re-elect Obama!
You do have the option to exclude an AP invoice from being reported for a 1099 vendor. If a vendor is setup as a 1099 vendor, you may pay an invoice that you do not want to be included in their 1099 total amount by doing the following:
1. Open Accounts Payable, Main, Invoice Data Entry
2. Select applicable Vendor No from look up
3. Type Invoice No
4. On the Header tab, in the 1099 Payment section, select "None" from the Form drop down list
- Note: This field defaults to the 1099 form selected for the vendor in Vendor Maintenance. This field is available only if the 1099 Reporting check box is selected in Acccounts Payable Options and Business or Individual is selected in the Vendor Type field for this vendor in Vendor Maintenance.
5. Proceed as usual to enter and update A/P invoice data entry
This will be available in the 2024 Release, scheduled for April 2024.
This feature has been added in the 2024 Release, available on April 18/24.