Items to Watch Out for when Processing 1099′s in Dynamics GP
Posted Friday, January 8th, 2010
The New Year has arrived and with it the 1099 processing cycle has begun. In a previous blog series here at Dynamics Care we addressed processing 1099s in Dynamics GP. Now that the actual work to get the 1099s out the door is at hand we would like to bring to light a few potential items to watch out for.
- Be aware of changes to the 1099 tax type fields on the Vendor Master card during the year. Go to Cards >> Purchasing >> Vendors >> Options Button. There you will find the “Tax Type” and “1099 Box” fields. Let’s say, for example, the Vendor was originally selected as “Not a 1099 Vendor” and payment transactions were posted. Then at a later date these fields were changed to Miscellaneous, Dividend or Interest type.
- Dynamics GP does not go back and capture the previous transactions to add to the 1099 amount. It only accumulates amounts from the time of the change going forward.
- Amounts paid year to date can be queried by going to Smartlist >>Purchasing >> Vendors Smartlist. Open and add the column Amount Paid YTD and compare the total to the 1099 total.
- To change 1099 amounts for a Vendor go to Cards >> Purchasing >> 1099 Details. Here you can type in the amount in the 1099 category to print on the 1099.
- Differences between Dynamics GP versions. Previous to v.9 in order to have accurate 1099 data you had to close the payables module moving the totals to history. In v9 and v10 this is not necessary as Dynamics GP captures 1099 data by year and month in a 1099 table. Also, v9 and v10 allows you to print 1099s at any time during the year.
- If you try printing your 1099s and only zeros print. In Dynamics GP 10 Service Pack 1 there was a bug which was corrected in Service Pack 2. If you experience this you will have to install Service Pack 2 or greater.
- Sometimes seen in Dynamics GP v10 if you have vendors with exactly a $600 amount that does not print out a 1099. Go to (Microsoft Dynamics GP >> Tools >> Setup >> Purchasing >> Payables >> 1099 Setup button. Change the minimum from $600. to $599.99.
If you have additional items you have come across while processing your 1099s please feel free to leave a comment we want to hear from you.
Tags: Dynamics GP 1099
Posted in Dynamics GP, Purchasing
Amy Walsh
Amy Walsh is a consultant with I.B.I.S., Inc. and Microsoft Certified Business Management Solutions Professional. She is a graduate of Mercer University with a concentration in Accounting and Finance. She brings over 15 years experience working with domestic and international enterprises ranging from start-up to established global B2B companies.
With her background in accounting / finance alongside working with Microsoft Dynamics GP as both an end user and consultant allows her articulate connectivity into the World of Microsoft Dynamics GP. Her goal is to help businesses succeed in their endeavors through process streamlining, education and finding the right ERP solution to best fit business needs.
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