Updated: May 26, 2022
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Some pre-requisites for 1099 Processing have to be completed:
Navigate to the "1099 Form Boxes" from the MAGNIFICATION GLASS and press the "Update Form Boxes" option from the PROCESS Menu. If you have an older version of the product, this will add the NEC options to the form boxes.
Afterward, make sure all Vendors have the proper 1099 Form selection and a Federal TAX ID Number in the Vendor Card
Business Central has a Vendor Template feature that will allow you to configure a new Vendor as a default 1099-type automatically.
If you failed to set up the Vendor properly, you can update their 1099 status later and update the 1099 transaction after they have been posted.
To do that, navigate to the VENDOR LEDGER ENTRIES page and make sure you are seeing the 1099 Amount and 1099 Type columns. You can select the EDIT LIST function to make changes to the INVOICES. Make sure the amount is a negative number (All AP Invoices are credits).
WORK DATE: The actual 1099 Report is driven by the WORK DATE in your Business Central system. Make sure to select 12-31-2021 as a work date in your preferences in order to print the report properly. From the GEARBOX in the top right-hand section of the page, select MY SETTINGS
The actual 1099 report may show some mis-alignments on section 2 or 3 on the letter-size page. If that is the case, a form layout modification will be necessary. Make sure to check your system for the latest printer drivers and operating system updates as those products can affect the print layout.
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