1099 Vendor Reports
Centerbase can produce reports that will provide the information needed to create 1099's. The requirements are:
- For each 1099 vendor, the vendor record accounting settings should be modified to indicate:
- On which 1099 form the vendor's payments should be reported
- Which 1099 box number is appropriate
- The vendor's tax identification number
- If reporting will be for the the firm's first year on Centerbase, the 'YTD 1099 Amount' should be entered with the vendor's year to date totals from the previous accounting system
- The reports should be downloaded from HERE and imported to your existing system (See importing instructions HERE)
Setting up 1099 Vendors
The Vendor 1099 settings are located in each individual vendor's accounting settings. To navigate to this setting, go to any vendor, select the gear beside the name of the vendor, and then select Accounting.
Once the Accounting Settings window is open, click the EDIT button, then under the Vendor Tax Information tab, you will find an item titled "Is 1099 Vendor." Check this box to indicate that the vendor should be included in the 1099 reporting.
Once the "Is 1099 Vendor" setting is checked, the remaining settings can be selected/entered on the vendor.
W-9 Vendor Fields
Users can add new W-9 fields to the vendor's details page with the form designer:
- to identify from which vendors they have received a W-9
- to attach a copy of the W-9 to the vendor record
Once the W-9 field is added, there will be a checkbox to indicate whether a W-9 was received from the vendor and a copy of the W-9 can easily be uploaded and attached.
To learn more about adding fields with the Form Designer, read our article about the Form Designer.
Using the 1099 Reports
Once the reports have been downloaded and imported, and the vendor records have been updated, the 1099 reports can be run.
The reports can be filtered by date (default date is last year), vendor, or by the accounts used for payments, as shown below. This account filtering should be used to filter out payments made by credit card for example, since payments made by credit card should be excluded from 1099 reporting. Generally, only bank accounts should be checked off.
The "Accounts" dropdown is automatically loaded with the accounts that were used to pay 1099 vendors for the date range selected ONLY. If an account does not appear, then no 1099 vendor payments were made from that account.
The report fields that need explanation are:
- Total Payments: This column contains the sum of all payments made to the 1099 vendor during the date range selected.
- From YTD Field: This refers to the beginning Year To Date 1099 Amount from the previous accounting system. This is simply a field value, and can be imported from the prior system, or manually entered on each vendor. After the initial reporting year, the YTD values for each vendor should be deleted from the vendor accounting settings.
- Total 1099 Amount: This is the sum of Total Payments and YTD columns.
- Box Values: This is based on the box value set on the vendor record; the Total 1099 Amount populates in the appropriate box column. Only one box can be set per vendor.
Once complete, the report can be downloaded to Excel or CSV, revised, if necessary, and used as input for on the 1099 forms, or uploaded to a 1099 service.