During the tax season it is important to know how to look up 1099 amounts, correct them if needed, and generate the report. The IRS has changed the 1099s format this year so be sure to use the latest version. For further questions on this update, or to make sure you have updated correctly, contact support@BondConsultingServices.com

To review the 1099 vendor amounts, you can use the Vendor 1099 Information report. The report can be found in the vendor lists window under Reports > General or within the vendor card under Report > Vendor 1099 Information. This report includes all 1099 information for the vendors that been setup using the IRS 1099 Form-box tables.

If you do not want to run a report, another option is the Vendor 1099 Statistics window. To access this window, open the vendor card and under the Navigate menu select History > 1099 Statistics.

Within the Vendor 1099 Statistics window you will have an overview of the 1099 amount totals for the selected vendor.

If you need to correct any 1099 values, you would need to update the vendor ledger entries. Please find the steps below:

1. Navigate to the vendor list and open the vendor you need to correct.
2. Select Vendor > Ledger Entries

3. In the ledger entries, you can scroll over to the right where you can find the IRS 1099 Code and IRS 1099 Amount. Here you can update those values as needed so the report can get updated.

 

Once all is correct, you can run the 1099 report by following the steps below.

1. In the Global Search enter “Vendor 1099 Nec” and select the option in red below.

(NOTE: There is a new version of 1099 NEC for 2021 that is for three in a page.)

2. Enter the Calendar Year you are running the report for and then select the destination of the report.

The 1099 report will then generate and you can confirm that it aligns with the preprinted forms that you have. For further inquiries about this procedure or other aspects of Dynamics GP please contact support@BondConsultingServices.com