1099 box
This function is used to maintain 1099 forms and their applicable box numbers.
Establish a default 1099 form and box for each 1099 supplier in the Suppliers function. You can override these defaults when invoices are created.
You can also use Supplier categories to select the 1099 information that is used as a default when you enter new 1099 suppliers.
In order to process 1099s accurately each year the 1099 boxes must match the IRS 1099 boxes. The software contains the latest IRS 1099 box information. Use this function if you must modify or add new 1099 forms and boxes in the future based on government changes.
Prerequisites
Refer to documentation Implementation
Screen management
Entry screen
Presentation
Use this screen to update 1099 box information. This screen can also be used to inactivate unused 1099 boxes.
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Fields
The following fields are present on this tab :
Grid
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The 1099 form type indicates that a supplier is reportable to the Internal Revenue Service for payments made. Valid values are None. Misc, Dividend or Interest. This value defaults from the supplier to the invoice, but can be changed. |
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Default box number with respect to which payments must be printed on the 1099 record. Box numbers vary according the 1099 record at use. This value defaults from the supplier to the invoice, but can be changed. Inactive 1099 boxes are not available for selection. |
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The description associated with the 1099 box. |
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The box type indicates the field type of the 1099 box. Valid values are Amount, Text, or Checkbox. |
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The Lower Limit allows you to manually set the lower limits for all boxes that appear on your 1099 and 1096 forms. These limits are the minimum amount that must be reported for different types of payments made to your 1099 suppliers. |
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Select this check box so that the data can be used in other records (documents, parameters, etc.) or during a batch process. If not selected, the data is considered to be inactive and it cannot be used in other records. |
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