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Quick Start: 1099 Vendor Summary Basics

Summary

With Orchestrated 4.4, we added a report that gives you the ability to see all transactions, with dollar amounts to help alleviate some of your 1099 reporting issues.

However, there are a few things to know before using that report.

 

How do I setup the Business Partner (vendor) to be picked up that report?

  1. To setup the BP to be applicable to that report, you first must go into the BP Master Data (Business Partners->Business Partner Master Data), then switch it to find mode (CTRL +F or the binoculars at the top of your screen) and bring up the BP in question.
  2. Switch to the Accounting Tab, and then the sub-tab will be General.
  3. The BP must be flagged with an entry in the 1099 Form and Box

 

How do I change the categorization of the 1099 transactions?

To do this, you will go back into the 1099 setup within the BP and Accounting tab. the 1099 Box field will allow you to choose the proper category for those transactions (see screenshot above).

 

How do I run the report and what options do I have?

To do so, you will need to go to Financials->Financial Reports->Orchestrated Reports->1099 Vendor Summary.

A few notes about that if your transaction are not showing up:

  • Many states have a stipulation that under a certain amount ($600 is common) that 1099 reporting is not required. However, if that is not applicable to you, please ensure that the "Show Vendors < $600 in activity" is checked
  • When you mark the BP as applicable to 1099 in the step above, this is only forward looking. It will tag any invoice already in the system retrospectively. However, if you ensure the "Omit non-1099 docs from 1099 BP's" is not marked, then it will show any transaction for the BP as long as the 1099 configuration is completely.*              

If you uncheck this option, you want to note that every transactions for the BP, 1099-applicable or otherwise, will pull in. 

 

More about the actual 1099 Vendor Summary Report:

1099 Vendor Report Summary

 

Version 4.5.1.0

 

 

 

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