Setting Up Your 1099s: A Step-by-Step Guide
1. Access Vendor Settings
Navigate to your vendor settings.
Click on the "1099 form settings" tab.
2. Enter Tax ID Information
Fill in the 1099 Tax ID for the company.
3. Select 1099 Types
Review the different types of 1099 forms available.
Choose the relevant 1099 forms you need.
4. Configure Accounts for 1099 NEC
Select the "Non-employee compensation" option.
Pull up your expense accounts to add to the 1099 NEC Box 1 through box 7.
Choose accounts to total for each (e.g., commissions and salaries).
5. Configure Accounts for 1099 Misc
Select the "1099 MISC" option.
Under Box 1-Box 18 select the corresponding GL accounts for those categories.
6. Configure Accounts for 1099 INT
Select the Boxes 1 to 17 and select any GL accounts for interest income to be summed.
7. Save 1099 Form Settings
Click on "save 1099 forms" to finalize your selections.
8. Bulk Print 1099s
Go to your vendor list.
Click on "bulk print."
Select the appropriate year and load the vendors.
9. Verify Vendor Details
Check that each vendor has qualified GL details from their checks and invoices.
Ensure each vendor has a location assigned.
10. Finalize and Print
Confirm that all selected vendors are ready (indicated by a green status).
Click on print to generate copies (A, B, C, and 1096).
Conclusion
Ensure all vendors are properly set up and verified before printing your 1099 forms