1099 Processing for 2016

Transcription

1 1099 Processing for 2016 Updated: 12/12/16 PC and JP 1099 Production Setup 1. Log into the WFO 2. The 1099 report uses the Last Yr 1099 Amount field from the Vendor Master. 3. The finance month needs to be moved from December to January. When this process is done the system will move the amounts from the current calendar year field to the last Yr 1099 Amount field. 4. To move the month go to General Ledger Processing and Entry Options Finance Month and Auditor Control Options. Select the drop down next to Change the Accounting Default Month. Choose the month of January and then select the Change Accounting Month button. 5. Vendors that are to receive 1099 s must have two fields filled in under the Vendor Master File area. Go to Master File and Code Entry Changes Master File Vertical Data Entry and Changes. Select from the drop down next to entry options the Vendor (Basic Fields) view. 6. The first field that is required is the SS or Fed Id. This field is the vendor s social security number or their Federal ID number. 7. The second field that is required is the 1099 Vendor YN. This field must have one of the following codes entered for a 1099 to be produced. The code indicates which box the 1099 amount will print in. o Box 1: Rents, enter a 1 o Box 2: Royalties, enter a 2 o Box 3: Other Income, enter a 3 o Box 4: Federal Income Tax withheld, enter a 4 o Box 5: Fishing Boat Proceeds, enter a 5 o Box 6: Medical and Health Care Payments, enter a 6 o Box 7: Non Employee Compensation, enter a Y o Box 8: Substitute Payments in Lieu of Dividends or Interest enter, an 8 o Box 14: Gross proceeds paid to an attorney, Enter an A

2 8. To verify the vendors and totals run the Vendor Federal 1099 Detail Report located in the General Accounting Reports area under the Vendor and Order For report group. 9. To print a report of vendors that are flagged to receive a 1099, select the button next to the 3-6 Activate Sort Definition Area.

3 10. On the next screen select the drop down next to number 3 Tables in selected report: and change it to Vendor. Then under number 4 Fields in selected table:, select 1099_Vendor_YN. In the number 5 Data in selected field select the Y or a custom selection from this area and moved that over to the number 6 Data used for record Selection:. Select the Save New Sort button and then the Close Sort/Select button. This will save the sort so the report will only bring up 1099 vendors. Preview the report.

4 How to Edit a 1099 Amount 1. If an amount needs to be edited for a vendor for the amounts you will first need to create a view with the Last Yr 1099 Amount field in the view. 2. To create a new view select Administrative Utilities Data View Definitions. Change the bullet to Other Master & Code Entry Views. Then from the Default Views: select Vendor (Basic Fields). After selecting this default view the system will change the Data Area: to Vendor. Under the Available Fields for View Area: select the field Last_Yr_1099_Amount move it over to the Selected Fields for View Area: Then change the Title of the view. An example of this would be to add 1099 after the title Vendor (Basic Fields). Select the Save New View button. This will save your new view with the Last_Yr_1099_Amount field in the view.

5 3. Now that the view has been created select Master File and Code Entry Options Master File Data Entry and Changes. Under the entry options select the new view you created. The example of the view is Vendor (Basic Fields) Select the vendor that needs to be edited and change the amount in the Last Yr 1099 Amount field and save the record. This will change the amount on the 1099.

6 Processing the 1099 s to Send to the Vendor 1. Log into WFO 2. Select from the menu tree Payroll Processing State/Federal Reporting 3. Select your State 4. Select 1099 File from the Drop Down Menu 5. This process will create the form to send to the vendor and the file that will be processed to send to the IRS. This section will cover creating the form to send to the vendor. 6. Select the calendar year you are reporting for by using the drop down field Report Calendar Year. 7. Next enter in the Minimum Dollar Amt:

7 8. Enter in the TCC#. Please review the section Processing the file to the IRS for more information about the TCC#. 9. To print the 1099 Copy B (front) select this option from the dropdown that is next to the Print Report button. Then select the print report button. The copy B that is to be sent to the vendor will preview and they are now available to print. 10. To print the back page of the 1099 select the option 1099 Copy B (Back) next to the Print Report button. Then select Print Report. 11. The back of the 1099 report will preview on the screen. It is now available to use to print on the back side of the 1099 fronts that have already been printed.

8 12. Follow the same steps to print the front and back copy of the 1099 Copy C. Just change the selection option next to the Print Report button to obtain copy C report front and back pages.

9 Processing the 1099 File for the IRS 1. Log into WFO 2. Select Payroll Processing 3. Then select State and Federal Reporting 4. Select your state 5. From the report down drop select 1099 File 6. This process will create the file that will be sent to the IRS. 7. Select the calendar year you are reporting for by using the drop down field Report Calendar Year. 8. In this screen verify the tax id number as well as the address. There are a few other fields that are required for this file. They are the Minimum Dollar Amt: and the TCC#. 9. The TCC # is required by the IRS to file the 1099 s electronically. The link to obtain the number is There is information from the IRS website on How to transmit through FIRE. A TCC is required to transmit information returns through the FIRE system. The most efficient way to submit an application to file information returns electronically is to submit the Fill-in Form 4419, Application for Filing Information Returns Electronically (FIRE), from the FIRE home page. You may also go to Forms and Pubs and select the paper version of Form 4419, Application for Filing Information Returns Electronically (FIRE). Be sure to submit your application at least 45 days prior to the due date of your information returns. 11. Once all of the required information is filled in select the Create Report button.

10 12. The system will create a file for you that will need to be saved to your desktop and sent to the IRS through the FIRE system as referenced above. 13. The IRS strongly suggests that you upload this information electronically with a file via the Fire system. However if you elect to send this information on the preprinted red Copy A form you can do so by following the instructions below. Please note we do not sell this form. 14. You will still need to create the file first before the Copy A can be printed. You will need to put a number in the TCC# number field in order for the file to be created. An example that could be entered into this field is 123. Then select the Create File button. 15. Once the Create File button has been select the 1099 Copy A (Pre-Printed form) can be selected to print from the drop down.

11