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After loading the tax update, you can print Forms 1099 and 1096 in Accounts Payable. You can print these forms at any time, but Forms 1099 and 1096 must be filed by the end of February, and you must send Form 1099 to your vendor by the end of January.

If you file 250 or more Form 1099 reports, you must electronically file them with the IRS. You can do this within ACS Financial Suite. If you file fewer than 250 forms, you can file paper copies, but the IRS requires you to submit a copy of Form 1096, which is a summary of Forms 1099.

If you begin using the Accounts Payable module after the first of the year, you can enter year-to-date adjustments for each vendor with the 1099 & YTD Adjustments option. Entering adjustments lets you enter all accumulated dollar amounts for all applicable 1099 invoices without entering each invoice manually.

Accounts Payable does not have a year-end closing procedure. After the last check run for December, close the month of December. The posting period is set to January of the next year.