The 1099 withholding process is still a very manual process. If you reduce an ap invoice by the amount withheld, there is only one 1099 field that is recorded – the amount of the invoice. So, fixing this is a manual process that involved me writing a report that pulls all amounts keyed to the withholding liability for the year in AP. This can be better. If there was a 1099 amount field as well as a 1099 withholding amount field, that would be perfect.
An alternative is to create a credit note for the withholding and flag the 1099 type accordingly. However, the amounts are accumulated as a negative. So, these need to be edited at the end of the year.
A separate 1099 withheld field would be ideal
by: Carol L. | about a year ago | Financial Management
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Idea added Jan 2023