Dynamics GP 10 and 1099s (Part 1)
Posted Monday, October 26th, 2009
So you implemented or upgraded to Dynamics GP 10. Year End is approaching and you are wondering what to do about tracking W-9s and processing 1099s. What are the options?
This 4 part blog series titled “Dynamics GP 10 and 1099s” is an overview of the different options for those who upgraded this year and those who implemented, for the first time, Dynamics GP 10. In this series, we will look at Dynamics GP 10 1099 functionality, W-9 information tracking, reviewing and updating the Vendor’s 1099 box, IRS rulings and other 3rd party product add-ins to help you decide the most effective approach to handling your 1099s.
Dynamics GP 10 added some GREAT functionality to capture 1099 information. In previous versions if you compare the Vendors Options window (Cards >> Purchasing >> Vendors | Options button) to Dynamics GP 10 you will notice the additional “1099 box.” See below screen shot. Here you can default the 1099 box to accumulate transactional amounts.
NOTE: User security will determine your access to the following windows. If you do not have window access contact your system administrator for additional security rights.
It gets better. On the transactional side let us say you have a Vendor/Contractor that would receive more than one 1099 for the year because different types of transactions would fall into separate boxes for reporting. Well, when you enter in the transaction you can click the arrow to the right of the 1099 Amount field and select the 1099 box that will capture and accumulate the amount. This feature was not available in previous versions. See screen shots below from (Transactions >> Purchasing >> Transaction Entry) window.
If you are using Purchase Order Processing then when you enter the vendor’s invoice click the arrow to the right of the 1099 box to the right of the field. (Transactions >> Purchasing >> Enter / Match Invoices). See below. Choose the 1099 type and box to capture the transaction amount.
Individual Vendor 1099 amounts. (Cards >> Purchasing >> 1099 Details). View totals with the option to change any of the 1099 box amounts for any vendor. To change 1099 totals type the corrected amount(s) in the fields. See below.
1099 Setup Window. (Microsoft Dynamics GP >> Tools >> Setup >> Purchasing >> Payables |1099 Setup button). The window’s minimum 1099 amounts are preset. You can change any amounts by typing in the field. See below.
Mass Modify 1099 Vendor Information.
Update vendor’s 1099 information by using “Update 1099 Infromation” window. (Microsoft Dynamics GP >> Tools >> Routines >> Purchasing >> Update 1099 Information).
Printing 1099 Edit Report and 1099 forms. Fill in the appropriate fields (Click the printer icon to print a report of the 1099 information or select Print to print 1099 on 1099 forms). See below.
To print the following document “Dynamics GP and 1099s (Part 1)” click the link: http://www.box.net/shared/1b8oyz4klg
In (Part 2) we will illustrate how to use “User-Defined” fields and “Smartlist” to track W-9 information received.
Tags: Dynamics GP 10 1099, Great Plains 1099
Posted in AP, Dynamics GP, PO, Purchasing
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