Processing vendor 1099s at calendar year end

At the end of the calendar year, finish entering all vendor payments for the calendar year, back up the company data, and close the payroll. Verify the vendor 1099 balances, and then print the 1099s.

To process vendor 1099s at calendar year end:

1. Back up the company data, close the payroll, and create your payroll archives..
2. In your current company, select the 4-1-5-61 Vendor 1099 Payments report.
3. Print the report.
4. Review the report for accuracy.
5. If you discover any discrepancies in the vendor 1099 amounts listed, open 4-4 Vendors (Accounts Payable) and select the vendor; then select Options > 1099 Balance Startup/Adjustment and make the correction.
6. Open 4-5 Vendor 1099 Forms to process your 1099s.

Tip: Print an individual vendor payment journal for each vendor, and then mail it to the vendor for additional verification.