AP Vendors window: 1099 tab
If you issue 1099 to your vendors, enter the vendor's 1099 information on this tab for reporting purposes. You must ensure that the 1099 Applicable check box is selected in the AP Vendors window in order to make this tab available. This tab is unavailable when you create a new vendor.
At the end of the year, you need to
reset your vendor YTD totals to keep accurate yearly amounts. These amounts are reported on the
1099 report.
Business / Individual
Select whether the vendor is a business or an individual.
2nd TIN Notice
Select the 2nd TIN Notice check box if you were notified by the IRS twice within three calendar years that your vendor provided an incorrect Taxpayer Identification Number (TIN). Selecting this field will mark the 2nd TIN Not. field on the 1099 form, which indicates to the IRS that you prefer not to receive any further notices about this account.
Federal ID
Enter the vendor’s federal identification (ID) number for reporting purposes. The vendor should provide you with their federal ID number.
This number will print on the 1099 forms.
Default Type
Although a vendor might have several different pay types, you can set a default for this particular vendor. Select from one of the following pay types:
• Non 1099 Payments
• Rents
• Royalties
• Other Income
• Fed. Income Tax Withheld
• Fishing Boat Proceeds
• Medical/Health Payments
• Non-Employee Compensation
• Substitute Payments
• Crop Insurance Proceeds
• Excess Golden Parachute
• Gross Proceeds to Attorney
• Section 409A Deferrals
• Nonqualified Deferred Compensation
• Fish Purchased for Resale
When you enter a bill for this vendor, you will be able to specify at that time the 1099 type for that particular bill. The selection you make here will appear automatically as the default.
Payer made direct sales of $5,000 or more of consumer products to a buyer (recipient) for resale
Select this check box if you made direct sales of $5,000 or more by reselling this vendor’s consumer products. This will select Box 9 on the 1099-MISC form, which corresponds to this function.
FATCA (Foreign Account Tax Compliance Act) Filing Requirement
For information about this check box and whether you should select it, see the IRS instructions for Form 1099-MISC.
1099 Type / Current Year / Last Year Grid
This grid shows the total amounts for each type of 1099 payment, as well as non 1099 payments, for both the current year and last year. The amounts in the Current Year column cannot be changed, but the amounts in the Last Year column can.
Published date: 12/03/2021