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Article Date January, 2010

Topic Covered 1099 Processing Steps for Accounts Payable with related articles

W-9 Sage Forms     1099 Vendor List     2009 1099 Instructions

Sage MIP Fund Accounting 1099 Tips:  1099 Processing Steps for Accounts Payable - For more information click on Article Obtain completed W-9 form from vendor during the year and before payment is provided the first time. Obtain the 2009 Sage Forms with the following forms: Federal Copy A on red pre-printed form Federal 1096 on red pre-printed Recipient copy printed on blank 4 part perforated paper Payer copy printed on plain copy paper Recipient instructions printed on plain copy paper. Run Cash Journal to create a 1099 vendor list to determine which vendors should receive 1099 reports along with any vendor adjustments that need to be made. Adjust Vendor Records for any amounts that were not properly recorded to correct 1099 box number. Produce Vendor 1099's using Activities>Produce Vendor 1099's and review 2009 1099 Instructions Click the Form Updates Button after installation of version 10.2 or later Select Form "2009 1099-Misc" for 2009 to start the process of 1099 creation Enter and Verify Information required by Aatrix. You can delete smaller dollar vendors using the 1099 preparer grid by highlighting and deleting rows not needed. You can sort box 7 so that smaller dollar vendors will be grouped together for deletion Select Printing/Efiling Options. Printing is free, but there is a cost for the Efiling option Before the history file is created, you have several options from starting over, correcting previously completed, reprinting copies completed, or finishing the process to create the history file Your completed 1099's are ready for mailing to vendors by January 31st and Form 1096 and Part A to IRS by February 28th

 

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