Extracting and Sorting 1099 Information. Summary of Steps:

Transcription

1 Extracting and Sorting 1099 Information Summary of Steps: 1. Initialize and Purge 1099 Information (required) 2. Extract Vendor and Invoice Summary invoices (required) 3. Extract 1099 Invoice Detail (optional unless you extract by obligation reference or account mask) 4. Sort Invoice Detail (only required if using boxes other than the default) Initialize and Purge 1099 Information 1. Have all users log out of Accounts Payable and log in on the last date of the calendar year. 2. From Accounts Payable, select 1099 Forms, Extract, Sort, Edit 1099 Vendors, Initialize and Purge 1099 Information.

2 3. At Are you sure you want to do this? type Y for Yes. The screen will close automatically. Extract Vendor and Invoice Summary Invoices 1. Have all users log out of Accounts Payable and log in on the last date of the calendar year. 2. From Accounts Payable, select 1099 Forms, Extract, Sort, Edit 1099 Vendors, Extract Vendor and Summary Invoices

3 3. Fields 1-4: Enter the appropriate selections and press Enter. Field Definition Extract type Amount option Date range Tax ID abbr Vendor Y/N abbr Select the applicable extract type: 1 Extract 1099-MISC information 2 Extract 1099-INT information If you are extracting information for both the 1099-MISC and 1099-INT forms, you must: Complete the extract process for 1099-MISC forms, through printing the forms and creating the electronic file. Initialize & Purge Prior 1099 Information and repeat all procedures for 1099-INT. The amount option setting is system-defined based on the extract type. No entry is allowed. This is the first entry in field 2. Specify the date range for which you are extracting information. You should be logged into the last date of the year specified in this date range. This is the second entry in field 2. Indicate the field on the vendor record where your organization stores the vendor tax ID. Your organization may use the Notes fields or vendor data items to store this information. Press F1 to select from a list of these options. If you are using vendor data items to identify vendors that receive 1099 forms, press F1 and select the data item where your organization stores this information. Information for vendors with a value of Y for the specified data item (stored on their vendor record) will be extracted to the 1099 files. If your organization uses the Notes fields to store vendor tax ID information, leave this field blank.

4 4. Enter the Field in which the vendor Tax ID is stored, if you use this method. In this example we are using Note 1, which is selection 3. Press Enter. Note: If you are using a data item instead of a note field, just press Escape. 5. Enter any sorting or filtering information. Most likely, fill out as below. This will extract any vendor with numerical data in Note 1. Select N for Sort will sort by Vendor number.

5 6. Press Escape to display the options menu and then select E to End. 7. At Enter field to be changed (0 to accept), type 0 and press Enter.

6 8. At Do you wish to file a report?, type Y for Yes and press Enter. 9. If you wish to review the report, select File, Print Manager. In the Open box, locate the TNNEXT.L## report.

7 Extracting 1099 Invoice Detail Note: This can take some time to process, but will only affect one user. Other users can log in and use the system normally. 1. From Accounts Payable, select 1099 Forms, Extract, Sort, Edit 1099 Vendors, Extract 1099 Invoice Detail. 2. Enter the Date Range and press Enter. Amount is system defined and cannot be edited.

8 3. At Are your entries correct? type Y for Yes and press Enter. 4. At Do you wish to file a report? type Y for Yes. 5. If you wish to review the report, select File, Print Manager. In the Open box, locate the TNNDEXT.L## report.

9 Sorting Invoice Detail Note: This can take some time to process, but will only affect one user. Other users can log in and use the system normally. Also, this step is only required if you are sorting invoice amounts into boxes other than the default set on the parameter. 1. From Accounts Payable, select 1099 Forms, Extract, Sort, Edit 1099 Vendors, Sort Invoice Detail 1099 MISC or 1099 INT.

10 2. Note: The next screens should be filled out exactly as they were in Extracting Vendor and Summary Information., steps 3-9. Click here for additional screen shots. Field Definition Extract type Amount Option Date range Tax ID abbr Vendor Y/N abbr Select the applicable extract type: 1 Extract 1099-MISC information 2 Extract 1099-INT information Your entry for this field should be the same as your entry during the Extract Vendor and Summary Invoices step. The amount option setting is system-defined based on the extract type. However, you must specify the date range for which you are extracting information. You should be logged into the last date of the year specified in this date range. Indicate the field on the vendor record where your organization stores the vendor tax ID. Your organization may use the Notes fields or vendor data items to store this information. Press F1 to select from a list of these options. If you are using vendor data items to identify vendors that receive 1099 forms, press F1 and select the data item where your organization stores this information. Information for vendors with a value of Y for the specified data item (stored on their vendor record) will be extracted to the 1099 files. If your organization uses the Notes fields to store vendor tax ID information, leave this field blank.

11 3. After completing the above screens, press Escape and then E to End. At Enter field to be changed (0 to accept), type 0 and press Enter. At do you wish to file a report? type Y for Yes.

12 4. Review this for any errors. Select File, Print Manager. In the Open box, locate the TNNEXTM.L## report for 1099-MISC or TNNEXTI.L## for 1099-INT. Possible errors: Message Explanation Amount discrepancy Duplicate Reference Match Discounts found Multiple checks found The amount of the check does not equal the amount of distribution. The amount paid to the vendor is reported in the Nonemployee compensation box or the Interest income box. More than one reference was found on an invoice that matches references in the 1099 parameter. The amount paid to the vendor is reported in the Nonemployee compensation box or the Interest income box depending on the reference specified in the parameter records. You may make changes to the 1099 vendor record. See Chapter 5 Defining and Editing 1099 Vendors on page 33 for more information. No account masking can be done when discounts are taken. If no matching references are found for this invoice the amount paid is reported in the Nonemployee compensation box or the Interest income box. Otherwise the entire amount paid is reported in the box directed by the reference. The account mask is ignored. An invoice was paid with more than one check. No account masking can take place. If no matching references are found for this invoice the amount paid is reported in the Nonemployee compensation box or the Interest income box, otherwise the entire amount paid is reported in the box directed by the reference. The account mask is ignored.