While Form W-2 reports wages, salaries, and tips, Form 1099 reports miscellaneous income paid to independent contractors (nonemployee compensation). If you've paid an independent contractor $600 or more or royalties over $10 during a calendar year, you should print Form 1099 for that vendor.
Any vendor with invoices marked as 1099 and paid in the selected tax year receives a 1099. If the vendor is marked as a 1099 vendor during setup, all invoices for that vendor are marked as 1099 purchases unless the 1099 option is cleared during invoice entry. For vendors not marked as a 1099 vendor, you can mark an invoice as a 1099 purchase during invoice entry. After entering invoices, you can edit a vendor’s record to add or clear the 1099 option.
When generating Form 1099, ACS selects only those vendors with purchases totaling $600 or more. To see these vendors, you can print the YTD Purchases List. You can also include deactivated vendors or vendors paid less than $600 or royalties under $10.
Before preparing Form 1099, we suggest printing the YTD Purchases List and the Check/Invoice Cross Reference report to verify vendor totals. We also recommend printing the forms on blank paper first to check for errors.
- Under Generate Reports, click the Period End Reports tab.
- In the drop-down list, select Accounts Payable 1099s and 1096, then click Go .
- On the Reports tab, select 1099 - Laser Printer or 1099 - Laser (Blank Paper 4 Part Forms).
- To enter the beginning and ending date range for the 1099 information that you want to include in the 1099 totals, use Print Transactions From and to.
- To select report options, click the Setup tab.
- Enter Report Options, Vendor Options, and Selection Options.
- To preview the 1099s prior to printing, click Preview. To print the 1099s, click Print.