EDIT - FOR A MORE UPDATED VERSION OF GENERATING 1099'S OUT OF PROCAS, PLEASE CLICK HERE!
For those unaware, vendor payment information can be printed from our software onto 1099-MISC forms for the year 2017. To do so, please proceed with the following steps:
- Obtain legal 1099-MISC forms
- Can be purchased from most office supply retailors such as Amazon, Staples, etc.
- Do NOT print the forms directly from the .pdf online
- Determine which vendors/subcontractors should receive a 1099-MISC
- Run a GL for the year 2017 on account 1000 grouped by vendor for transactions D - G
- Any vendor that is not taxed as a corporation should be considered
- Follow all applicable IRS regulations to determine which of these vendors should receive a 1099-MISC
- Mark each applicable vendor as Y on Tab 2 of their Vendor Record
- By default, the amounts for each vendor will print onto Box 7 – Non-employee compensation of the form
- If the amounts for a vendor should print onto a different box of the form, place that box number into the “Business Code” field of the vendor record for that vendor (i.e. Rents – 1, Royalties – 2, Other income – 3, etc.).
- Select the proper vendors to print from the 1099/1096 Menu
- In the bottom left hand corner, please select the “Select” button, enter the proper Reporting Period dates (01/01/17 – 12/31/17), and hit “OK.”
- Once the menu has updated, select the “Report” button to see if all the vendors listed match your list of vendors from Step 2 to receive 1099s.
- Unmark any vendors that have received less than $600!
- If they all match, select “1099s” to print your 1099s!
- Repeat these steps for all forms (1099-MISC A,B,1,2,C).
- After 1099s have been sent and reconciled, print the associated 1096 form
- Can be printed following the same process as Step 3, replacing the “1099s” button with the “1096” button
- If the values from the 1099s and 1096 reports do not completely align with your forms, please email firstname.lastname@example.org with a copy of a printed 1099/1096, and we can adjust where the values print.
- We only support 1099-MISC and 1096 forms.
- Follow the instructions on the IRS website to determine where and when each 1099 form needs to be sent (1099-MISC forms A,B,1,2,C).
- For additional information related to printing 1099s and 1096s from our software, please read pages 299-301 of our Accounting User’s Manual.