1099 Vendor Reports
Users now have access to a 1099 Vendors Report to assist them in gathering the information required to produce 1099's.
Centerbase can produce a report that will provide the information needed to create 1099's. The requirements are:
- For each 1099 vendor, modify the vendor accounting settings to indicate it is a 1099 vendor
- Select the box number for each vendor, enter TAX ID, and all other required information for the vendor
- If desired, you may populate a field 'YTD 1099 Amount' to have that added to the totals.
- The report must be downloaded and then imported to your existing system HERE.
- If you are already familiar with how to upload and save new reports, you can download it directly from there link at the bottom of this page.
Setting up 1099 Vendors
The Vendor 1099 settings are on each individual vendor. To navigate to this setting, go to any vendor, select the cog 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 have the Vendors payments be included in the 1099 report.
- If the "Is 1099 Vendor" setting is checked, the remaining settings such as Box values, Vendor Tax ID and YTD Amount can be set on the vendor.
- Enter the additional information required in the settings.
New Standard W-9 Fields
Users can now add new W-9 fields to vendors with the form designer to help manage which vendors they have received a W9 from.
- W9 Lookup
- W9 Received?
Once the W-9 field is added, there will be a checkbox the user can mark to indicate whether a W-9 was received from the vendor or not.
To learn more about adding fields with the Form Designer, read our article about the Form Designer.
Using the 1099 Report
Once you have downloaded and added the report, per above, and setup your vendors, you can then run the 1099 report.
The 1099 Vendors Report fields that need explanation are:
- Total Payments: This column contains the sum of all payments made to the vendor via check or bill payments.
- From YTD Field: This refers to the beginning Year To Date 1099 Amount. This is simply a field value, and can be imported to a vendor from your prior system, or manually set on each vendor.
- 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; the Total 1099 Amount shows up in the appropriate box column. Only one box can be set per vendor.
The user has the ability to filter by date (default date is last year), vendor, or accounts used for payments, as shown below. This account filtering can be used to filter out payments made by credit or debit card for example, if the IRS does not require reporting those amounts on the 1099.
The "Accounts" dropdown is automatically ONLY loaded with the accounts that are a part of the payments that have been made. Additional filtering can be done on the report by un-selecting the accounts that the user doesn’t wish to see.
Once complete, the report can be downloaded to Excel or CSV and used as input for your forms, or uploaded to a 1099 service.