How do I enter after the fact 1099 payment information for vendors?

How do I enter after the fact 1099 payment information for vendors?

Support Team Asked on December 30, 2017 in Sage.
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    If you have vendors that need a 1099 form printed, but they are not entered in Sage 50 and payments have not been made to the vendors, this is considered “after the fact.”

    To enter after the fact payment information for 1099 vendors:

    1. Set up the vendor’s record (if it is not already set up).
      • From the Maintain menu, select Vendors. The Maintain Vendors window appears.
      • Enter the information needed to establish a new vendor record.
      • On the General tab, select the 1099 type (miscellaneous vendor or a 1099 interest income vendor).
      • Select Save to create the vendor record.
    2. Repeat the above procedure for each new 1099 vendor.
    3. Next, you will need to enter an “after the fact” payment for the vendor.
      • From the Tasks menu, select Write Checks. The Write Checks window appears.
      • Enter or select the “after the fact” vendor ID and enter in the total amount paid to the vendor for the current payroll (calendar) year.
      • Enter a check date (within the calendar year you are printing 1099 forms) and a check number.
        • Note: It is not necessary to print the disbursement check. Unprinted check totals are included when printing 1099 forms.
        • Note: If you do not want the payment to affect your General Ledger, use the same account ID in the cash account and the G/L account (expense account) fields. You should use the Expense account in both fields so that the payment will be handled correctly based on your 1099 settings in Vendor Defaults.
    4. Select Save to record the payment transaction to the General Ledger.
    5. Before printing the 1099 forms, you must verify that your company information is set up correctly, as well as vendor payment totals are entered correctly.
      • To verify payment information, run the Vendor Ledger report to verify the cash disbursement figures. Payments are listed as CDJ transaction types in the Vendor Ledger.

    Source: Sage Community forums.

    Disclaimer: Sage Accounting Solution is an independent provider of Sage Related services and is not affiliated with Sage.

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    Support Team Answered on December 30, 2017.
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