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You can make adjustments at any time during the year. 

For example, suppose you print the YTD Purchases List and it is not correct. The report only reflects checks written in Accounts Payable, so you need to make an adjustment.

The YTD adjustment option ensures that 1099 totals and YTD totals for each vendor are correct at the end of the year by updating both the vendor’s 1099 total and the vendor’s year-to-date purchases total.

You can also edit the vendor’s invoices to update the 1099 option or enter a 1099 and YTD adjustment in Inquiry or Add/Edit Invoices. The following table describes when to use which option.

YTD Total

1099 Purchases Total

Action

Correct

Not Correct

Update the 1099 option on the invoice

Not Correct

Not Correct

Enter a 1099 & YTD Adjustment

Tip
titleBeginning Accounts Payable after January 1

If you begin using the Accounts Payable module after the first of the year, you can enter the 1099 adjustments for each vendor. You can enter all accumulated dollar amounts for all applicable 1099 invoices without entering each invoice manually into the system.

Example: You begin using the Accounts Payable module on March 1. You paid your groundskeeper 4 times in the period January through February. You paid him $75.00 each time. Instead of entering four separate invoices for $75.00, use the 1099 Adjustment option to enter the total amount of $300.00.



Excerpt
Expand
titleTo enter 1099 adjustments
Note
titleNote

**Boxes 17 and 18 must be completed before you can electronically file state 1099s.** 

 

  1. Under Manage Records, click the Period End Procedures tab.
  2. In the drop-down list, select 1099 & YTD Adjustments and click Go .
  3. Click Lookup to select a Vendor.
  4. Change the appropriate 1099 totals.

  5. In the Year field, select the correct posting year.
  6. Click Post Adjustment.
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Related topics
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Accounts Payable Period End Procedures
Preparing and Printing Form 1099
Printing Form 1096
Editing an invoice's 1099 status
Closing the Month in Accounts Payable
IRS Forms and Publications
IRS Tax Guide for Churches and Religious Organizations