FM Accounting 1099 Preparation

Transcription

1 FINANCE MANAGER FM Accounting 1099 Preparation 2013 Finance Manager

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3 Finance Manager: Accounting Clients Using Finance Manager for the Entire Calendar Year The following will outline the steps to prepare the data for printing 1099MISC, 1099R, or 1099INT forms if you have been using FM for the ENTIRE CALENDAR YEAR. Ask your auditors or see IRS Instructions for more details on what is and is not reportable on these different 1099 forms. 1. Complete ALL Calendar Year 2013 Accounts Payable Check Warrants 2. Run a Preliminary 1099 Listing for 1099 Vendors from FM From FM Accounting, choose Reports Vendors Run the 1099 Listing Enter the beginning and end dates: 01/01/13 12/31/13 Flag the radio button to use Vendor Payment or Vendor Purchase information Answer Yes to print only vendors with payments over their limit Check off the 1099 types to include on the report Note: The above step is for preliminary information proofing. The adjustment of calculated 1099 amounts will be addressed in steps 4 & 5. Review your list of vendors and the payment amounts the 1099 Amt will not be populated until it has been calculated in step 4 below 3. Correct any problems with the Vendor Information in FM Go to Vendor Maintenance (Vendor button). Select the appropriate vendor to correct. Make any necessary address corrections. Make sure the 1099 indicator is set accordingly: Yes to include on the 1099 listing, No to not include If 1099 indicator is Yes, make sure the correct ID number and/or type are set for the vendor s Social Security Number or Federal Id Number FM Version 3 Copyright FINANCE MANAGER. All rights reserved. 1

4 Update the Type of 1099 (1099MISC, 1099R, 1099INT or 1099OTHER) that the vendor will receive. Update the limit set for the vendor to receive a 1099 as you find necessary 4. Calculate Current 1099 Totals in the 1099 Tax Information Utility In FM Accounting, select Utilities Year End Calendar Routines Run the 1099 Tax Information Utility As shown in the screen print below, click the Recalculate button to recalculate current transaction totals in FM for ALL 1099 vendors. Repeat this step anytime there have been additional accounting transactions entered into FM * *Critical Note: Recalculating amounts will reset ALL 1099 Amounts, including any changes made in Step 5 below. Click the Recalculate button to recalculate current 1099 totals 5. Update 1099 Types, Limits and Amounts in the 1099 Tax Information Maintenance Utility Update the Type of 1099 (1099MISC, 1099R, 1099INT or 1099OTHER) that the vendor will receive Update the limit set for them to receive a 1099 as you find necessary Update the dollar amount of 1099 transactions as necessary prior to exporting the data (Reminder: If you recalculate after making changes, the changes will be reset back to the current accounting transaction totals) FM Version 3 Copyright FINANCE MANAGER. All rights reserved. 2

5 6. Proof the updated 1099 information Make sure the updated 1099 information is correct by printing a new 1099 Listing as instructed in Step 2 on Page 1 or by clicking on the Print option on the 1099 Tax Information Maintenance Utility screen. You may print it for ALL types of 1099s by checking off all of the types in the report selection window or just for the individual types as you see necessary. Print an updated 1099 listing right from this screen Note: In the sample above, the amount for Roseann Jackling was updated to FM Version 3 Copyright FINANCE MANAGER. All rights reserved. 3

6 7. Create the 1099 Export File(s) From the 1099 Tax Information Maintenance Utility screen, click on the Create 1099 File button. Insert a disk into your computer (a CD may also be used). Set the flag to create the 1099 tax information file using either the vendor payment or vendor purchasing information from the Vendor Maintenance file. Verify the path and file name then click Run to proceed with creating the 1099 export file(s) One file for each type of 1099 will be created. Provide a labeled disk to the entity printing your 1099s, along with a copy of a 1099 listing (showing any additional modifications) for ALL 1099s to be printed. If any additional modifications were made to the report beyond those done in the 1099 Tax Information Maintenance Utility screen, please provide a grand total, including the modifications, to be proven to. Your completed 1099s, along with the summary 1096 Form, will be returned to you. FM Version 3 Copyright FINANCE MANAGER. All rights reserved. 4

7 Clients Using Finance Manager for Part of the Calendar Year The following will outline the steps to prepare the data for printing 1099MISC, 1099R, or 1099INT forms if you have NOT been using FM for the ENTIRE CALENDAR YEAR. Ask your auditors or see IRS Instructions for more details on what is and is not reportable on these different 1099 forms. 1. Complete ALL Calendar Year 2013 Accounts Payable Check Warrants 2. Run a 1099 Listing from the software used prior to FM 3. Run a Preliminary 1099 Listing for 1099 Vendors from FM From FM Accounting, choose Reports Vendors Run the 1099 Listing Enter the beginning and end dates: 01/01/13 12/31/13 Flag the radio button to use Vendor Payment or Vendor Purchase information Answer NO to print only vendors with payments over their limit Check off the 1099 types to include on the report Note: The above step is for preliminary information proofing. The adjustment of calculated 1099 amounts will be addressed in steps 5 & 7. Review your list of vendors and the payment amounts the 1099 Amt will not be populated until it has been calculated in step 5 below 4. Correct any problems with the Vendor Information in FM Go into the Vendor Maintenance area (Vendor button) Select the appropriate vendor to correct Make any necessary address corrections Make sure the 1099 indicator is set accordingly: Yes to include on the 1099 listing, No to not include If 1099 indicator is Yes, make sure the correct ID number and/or type are set for the vendor s Social Security Number or Federal Id Number Update the Type of 1099 (1099MISC, 1099R, 1099INT or 1099OTHER) that the vendor will receive. Update the limit set for the vendor to receive a 1099 as you find necessary FM Version 3 Copyright FINANCE MANAGER. All rights reserved. 5

8 5. Calculate Current 1099 Totals in the 1099 Tax Information Maintenance Utility of FM In FM Accounting, select Utilities, Year End Calendar Routines Run the 1099 Tax Information Utility As shown in the screen print below, click the Recalculate button to recalculate current transaction totals in FM for ALL 1099 vendors. Repeat this step anytime their have been additional accounting transactions entered into FM* *Critical Note: Recalculating amounts will reset ALL 1099 Amounts, including any changes made in Step 7 below. Click the Recalculate button to recalculate current 1099 totals 6. Update 1099 Types and Limits in the 1099 Tax Information Maintenance Utility Update the Type of 1099 (1099MISC, 1099R, 1099INT or 1099OTHER) that the vendor will receive Update the limit set for them to receive a 1099MISC as you find necessary FM Version 3 Copyright FINANCE MANAGER. All rights reserved. 6

9 7. Update 1099 Dollar Amounts in the Tax Information Maintenance Utility Because the information from the prior system is NOT included in the 1099 amount that FM has calculated, you MUST use the 1099 Listing from your prior system to update the amount of the 1099s in FM, including any transactions from the prior system. (Reminder: If you Recalculate 1099 Amounts after making changes, the changes will be reset back to the current accounting transaction totals in FM). Note: ALL additional 1099 transactions from the prior system MUST be manually added into the 1099 amounts in FM Make any additional updates to amounts as necessary prior to exporting the data (remember if you Recalculate 1099 Amounts after making changes, the changes will be reset back to the current accounting transaction totals in FM). 8. Proof the updated 1099 information Make sure the updated 1099 information is correct by printing a new 1099 Listing as instructed in Step 3 above or by clicking on the Print option on the 1099 Tax Information Maintenance Utility screen. You may print it for ALL types of 1099s by checking off all of the types in the report selection window or just for the individual types as you see necessary. FM Version 3 Copyright FINANCE MANAGER. All rights reserved. 7

10 Print an updated 1099 listing right from this screen Note: In the sample above, the amount for Roseann Jackling was updated to FM Version 3 Copyright FINANCE MANAGER. All rights reserved. 8

11 9. Create the 1099 Export File(s) From the 1099 Tax Information Maintenance Utility screen, click on the Create 1099 File button Insert a disk into your computer (a CD may also be used) Set the flag to create the 1099 tax information file using either the vendor payment or vendor purchasing information from the Vendor Maintenance file Verify the path and file name then click Run to proceed with creating the 1099 export file(s) One file for each type of 1099 will be created Provide a labeled disk to the entity printing your 1099s, along with a copy of a 1099 listing (showing any additional modifications) for ALL 1099s to be printed. If any additional modifications were made to the report beyond those done in the 1099 Tax Information Maintenance Utility screen, please provide a grand total, including the modifications, to be proven to. Your completed 1099s, along with the summary 1096 Form, will be returned to you. Copyright FINANCE MANAGER. All rights reserved. No part of this material protected by this copyright may be reproduced or utilized in any form or by any means, electrical or mechanical without written permission from FINANCE MANAGER. FINANCE MANAGER, the FINANCE MANAGER Series, ACCOUNTING MANAGER, BUDGET MANAGER, NEGOTIATIONS MANAGER, HUMAN RESOURCES MANAGER, PAYROLL MANAGER, RECEIVABLES MANAGER and REQUISITION MANAGER are registered trademarks of FINANCE MANAGER, All Rights Reserved. FINANCE MANAGER is written in PROGRESS, a fourth-generation relational database management system. PROGRESS is a registered trademark of Progress Software Corporation. Microsoft Office and Microsoft Excel are registered trademarks of Microsoft Corporation FM Version 3 Copyright FINANCE MANAGER. All rights reserved. 9