For those of us that prepare the forms, tax time is here. It is time to start reviewing your records, your lists and prepping for the printing of 1099s and W2s. Over the next month or so, I will be focusing on several features in both processes. Today, I am going to talk about the 1099 fields in the Vendor record.
The Vendor record has several 1099 fields. Of course, you have the tax ID fields and the address to where you will send the 1099, but Escape Online also includes some great fields that help you manage your 1099 process.
These fields can be changed at any time, so if you are itching to get going on your prep work, you can look at these fields right now!
Your first step would be to search for the vendors that you need to review. The search page has several fields that can help you limit your list to just the vendors you want to see. As you can see here, I am searching for only those vendors that have the 1099 flag set to YES and that have received a payment this year.
Cool! Now that we have a list to work, let’s take a look at what fields Escape Online has that help you track 1099 vendors.
Of course, every 1099 vendor has submitted a W9 to you. So, Escape Online has fields to say whether you have received it and when. (And, notice that those fields were also on the search!)
Notice that this vendor has the 1099 flag turned on, and the 1099 Form Box set to 7 – Nonemployee. This means that regardless of the accounts used in a requisition or payment, all monies paid to this vendor will appear in that box on the 1099 form. (If the box was left blank, Escape Online would read the account components of the selected payments to determine what amount is supposed to be reported in which box. But, we will talk more about that in a later Friday Feature.)
Also, let me remind you about the lookup for the 1099 Form Box. Sometimes those of us that have been using Escape Online for years forget how incredibly helpful those lookups can be.
I especially like how I can see the code (or box on the 1099 Form) and the English explanation.
Stay tuned for more on 1099 and W2 features after the break.
Have a happy and healthy Thanksgiving!